The United States is seeking $70.8 million in assets held by Teodoro Nguema Obiang Mangue, a son of the government minister of Equatorial Guinea accused of corruption and money laundering. In a civil complaint unsealed Tuesday, U.S. officials accused Nguema Obiang of using intermediaries and corporate entities to launder stolen money through the purchase of a $30 million Malibu home, a $38.5 million jet, a Ferrari and nearly $2 million in various Michael Jackson memorabilia. The U.S. Justice Department and others have accused Nguema Obiang, who currently serves as Equatorial Guinea's minister of forestry and agriculture, of amassing more than...
Attorneys for a Florida couple accused of selling black-market medical devices argued before the Supreme Court Wednesday that the government's power to freeze the assets of defendants should be further limited.
Over $35 billion in drug profits generated within the United States were laundered in U.S. financial institutions, real estate and other investments last year, according to estimates by the United Nations.
Complex offshore financial structures and shortcomings in international legal assistance agreements are jamming efforts to repatriate funds considered stolen by former North African leaders, say asset recovery experts.
A U.S. Senate subcommittee called for reforms Thursday to better detect when corrupt foreign politicians hide dirty money in the United States, including the implementation of federal beneficial ownership rules.
The United Nations and World Bank estimate that $45 billion a year is lost to corruption, which contributes to poverty, disease and environmental destruction, according to Jack Smith of the Caux Roundtable, a group that will try to recover pilfered assets when it launches in January.