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Powerful Receivership Provision Unused by Prosecutors in AML Cases
By Matt Squire
printSeven years after U.S. lawmakers broadened the power of federal receivers to conduct their own investigations in tracking and seizing assets involved in civil and criminal money laundering cases, federal prosecutors have yet to put them to use. A little-known amendment of the 2001 Patriot Act to the U.S. money laundering laws allows federal prosecutors, as well as state and federal regulators, to obtain court-appointed federal receivers in laundering and terrorist financing cases with the authority to run independent investigations in tracking down assets. The federal receiver, which can seize assets to satisfy civil penalties and compensate victims of crimes,...
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