An IRS initiative granting state and municipal investigators access to a federal database of bank regulatory filings has helped law enforcement agencies reap hundreds of millions of dollars in forfeitures.
Inconsistent international forfeiture laws continue to hamper global asset forfeitures, according to Stefan D. Cassella, chief of the Asset Forfeiture and Money Laundering section of the U.S. Attorney's Office in Maryland.
Governments should bolster their asset forfeiture laws and look closely at the cross-border movement of bearer negotiable instruments, an intergovernmental group that advises on anti-money laundering efforts said last week.
The U.S. Justice Department is seeking the forfeiture of $110 million in proceeds from an allegedly corrupt Italian bankruptcy case.