U.S., Swiss Initiatives to Recover Looted Assets Likely to Bring Banks More Subpoenas, Regulatory Scrutiny

By Brian Monroe

Two initiatives to recover assets embezzled by corrupt political leaders will result in banks receiving more subpoenas and data requests from law enforcement, say analysts. On July 25, U.S. Attorney General Eric Holder said that the Justice Department had formed the Kleptocracy Asset Recovery Initiative, a group of seasoned lawyers assigned to investigate high-ranking foreign officials accused of stealing funds from their countries. The formation of the group comes as Swiss lawmakers consider a bill that would make it easier for developing nations to reclaim stolen assets hidden in Swiss banks. Litigants could seek to have assets in suspect accounts...