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• W346417159 abstract "John Byrne is a senior federal legislative counsel in ABA's Government Relations Group. While banking industry has weathered laws and regulations concerning money laundering and Bank Secrecy Act, a related area of law remains that is often confusing and difficult to account for within a financial institution's compliance program. This is Myriad of laws giving federal and state governments power to seize and forfeit real and personal properties that were involved in a criminal or civil offense. Banks unprepared for such actions risk losing collateral or even deposits. Definition and scope. Forfeiture has been described by one court as the divestiture without compensation of property used in a manner contrary to laws of sovereign. Forfeiture is not government's way of extracting fines from parties short of funds. Forfeiture is a punishment, and if a piece of property is deemed tainted by illegal activity, it is considered fair game. Civil forfeiture is a proceeding against property, while criminal forfeiture is an action against individual who owns property. There are literally hundreds of laws authorizing forfeiture of property. The Justice Department most frequently uses statutes aimed at illegal drugs, money laundering, and racketeering. I will limit this article to those laws. (Note also that in 1989 Congress passed a major savings and loan bill which authorized civil and criminal forfeiture for bank-related crime such as bank fraud, bank bribery, mail and wire fraud, theft, embezzlement, or misapplication of bank funds.) Here's a rough idea of scope of forfeitures carried out by Justice Department. The department maintains a Seized Asset Deposit Fund that serves as a temporary holding tank for seized cash, proceeds from preforfeiture sale of seized property, and income from property that has been seized. At end of September 1989--the most recent tally available-this fund totalled more than $282 million. After relevant court decides a case, these funds are either returned to owner, if government is unsuccessful transferred to another account. Civil forfeiture. The Money Laundering Control of 1986 created new civil forfeiture procedures applicable to till proceeds of criminal violations of Sections 1956 and 1957. (These provisions are codified in 18 U.S.C. 981.) Any property, real or personal, can be subject to governmcnt seizure if it is involved in a transaction or attempted transaction that violates Bank Secrecy or money laundering statutes. Cases brought under this statute can be triggered by simply having government show that there is probable cause to believe that property is subject to forfieture. Once property has been seized, Justice Department guidelines call for a notice of seizure to be sent by certified mail to person or persons in possession of property at time of seizure and anyone else who is determined to have an ownership interest in property. The department must also publish in a newspaper a notice of intent to seize property for forfeiture. These notices describe in detail how a lender can protect its rights to properCriminal forfeiture. The Racketeer Influenced and Corrupt Organizations was one of first federal laws to authorize criminal forfeiture. Under Comprehensive Crime Control Act passed in 1984, RICO was strengthened to allow proceeds of RICO actions, such as real property, to be seized. Then, Anti-Drug Abuse of 1986 authorized forfeiture of property involved in money laundering crimes. Significantly, same statute also permitted property of equivalent value to property involved in offense-called substitute assets-to be seized when government can't lay its hands on original proceeds of crime. Generally seizure of property in a criminal forfeiture case won't take place until government obtains a conviction. …" @default.
• W346417159 created "2016-06-24" @default.
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• W346417159 date "1991-06-01" @default.
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• W346417159 title "When the Government Says Mine. (forfeiture)(Compliance Clinic)" @default.
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