I was bemused when I read that the head of the UK’s National Crime Agency (NCA), Donald Toon, had bitterly complained about the tardiness of the Cayman Islands authorities in responding to information requests about the identities of ultimate beneficial owners (UBO) of Cayman companies. Whether this reticence from the Cayman Islands was a passive […]
The criminal investigation into Malaysia’s 1MDB scandal must be conducted in tandem with a multifaceted, multi-jurisdictional, multidisciplinary civil asset recovery investigation, says Martin Kenney
Martin Kenney is scathing about an alleged $8.3 billion Danske Bank money laundering scandal via Estonia, which partly relied on false data being submitted to the UK’s Companies House. The bank’s punishment so far? A “stern ticking off.”
We need to have an effective whistleblower program to hang like a Sword of Damocles over those who think they can act dishonestly and with impunity, argues Martin Kenney.
Asset recovery is a term generally used to describe efforts made by a victim of a crime, usually a fraud, to get his or her stolen value back. It is a burgeoning area of practice, in major part because the quantum of value stolen and the overall risk has increased so much over the last 25 years.
The Panama Papers made a difference, but bashing Britain’s overseas territories because of historical failings rectified years ago needs to stop.
The pressure on compliance professionals is immense. The individuals charged with the responsibility will always have the sword of Damocles hanging over their heads.
Not only does the UK’s Proceeds of Crime Act seek to right wrongs, in doing so it discourages others from following in the offender’s footsteps and removes the allure of their negative and toxic role model.
Martin Kenney speaks to Who’s Who Legal after being chosen in 2017 as the world’s top offshore asset recovery lawyer and a 2018 ‘Thought Leader’.
Public UBO registers are only as good as the information provided by those required to furnish it.