Asset Tracing & Recovery Flashcards

A 'letter rogatory' is used in international asset recovery to:

Answer: Formally request judicial assistance from a foreign court

A letter rogatory is a formal request from one country's court to a foreign court asking for judicial cooperation, such as obtaining evidence or freezing assets.

Mutual Legal Assistance Treaties (MLATs) are critical in asset recovery because they:

Answer: Create a binding framework for countries to cooperate in criminal investigations and evidence sharing

MLATs provide a binding legal framework through which countries can request and render assistance in collecting evidence and recovering assets across borders.

'Dissipation of assets' in the context of financial crime refers to:

Answer: The deliberate disposal or transfer of assets to place them beyond a creditor's or court's reach

Dissipation occurs when a defendant intentionally moves, hides, or destroys assets to prevent a court from awarding them to a claimant or victim.

What distinguishes criminal forfeiture from civil asset forfeiture?

Answer: Criminal forfeiture requires a conviction of the property owner, while civil forfeiture proceeds against the property itself

Criminal forfeiture is an in personam action that follows a conviction of the defendant, whereas civil forfeiture is an in rem action against the property itself and does not require a conviction.

A 'Norwich Pharmacal order' is typically sought in asset tracing to:

Answer: Compel a third party (such as a bank) to disclose information about a wrongdoer

A Norwich Pharmacal order compels an innocent third party who has become involved in wrongdoing (e.g., a bank holding a fraudster's account) to disclose information necessary to identify or trace the wrongdoer.

In the context of financial crime, 'proceeds of crime' refers to:

Answer: Any asset, property, or benefit derived directly or indirectly from criminal activity

Proceeds of crime are any assets or benefits obtained, directly or indirectly, as a result of criminal conduct and are the primary target of asset recovery efforts.

'Asset repatriation' in the international context means:

Answer: Returning stolen or illicitly acquired assets to the country or victims from which they were taken

Asset repatriation is the process of returning recovered assets to the originating country or to the victims who were harmed, which is a key goal of international anti-corruption efforts.