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Asset Forfeiture Measure Will Mean More Freeze Orders for U.S. Banks

By Colby Adams

U.S. banks will face additional freeze orders and banking data requests from federal prosecutors when a new asset-freezing measure adopted Wednesday by U.S. lawmakers takes effect next year, say analysts. The Preserving Foreign Criminal Assets for Forfeiture Act of 2010, which passed the House of Representatives by voice vote Thursday and the Senate on Tuesday, will allow U.S. investigators to freeze property and bank accounts in the United States "at any time" if requested to do so by foreign governments investigating financial crimes. The measure, which was introduced by Sen. Sheldon Whitehouse (D-RI), could be signed into law this month,...

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