Kleptocracy Asset Recovery Initiative

Editors

Harry Cassin
Publisher and Editor

Andy Spalding
Senior Editor

Jessica Tillipman
Senior Editor

Bill Steinman
Senior Editor

Richard L. Cassin
Editor at Large

Elizabeth K. Spahn
Editor Emeritus

Cody Worthington
Contributing Editor

Julie DiMauro
Contributing Editor

Thomas Fox
Contributing Editor

Marc Alain Bohn
Contributing Editor

Bill Waite
Contributing Editor

Russell A. Stamets
Contributing Editor

Richard Bistrong
Contributing Editor

Eric Carlson
Contributing Editor

Posts Tagged: Kleptocracy Asset Recovery Initiative

Sanctions Enforcement: Embracing the FCPA playbook?

Richard L. Cassin June 27, 2023

Early last year, when Deputy Attorney General Lisa Monaco began describing sanctions as “the new FCPA,” she didn’t mean sanctions enforcement would replace the FCPA. She meant the DOJ is working to replicate the success of FCPA enforcement by using some of the same strategies — a high-intensity focus on finding and punishing violators, deploying innovative tools, promoting international cooperation, and so on.

French court strips Obiang of local assets after embezzlement conviction

Richard L. Cassin November 3, 2017

A French court last week convicted Teodoro Nguema Obiang Mangue, the vice president of Equatorial Guinea and son of the president, of embezzling public money and spending it on himself.

The judge confiscated all of Obiang’s assets in France, fined him €30 million ($35 million), and gave him a suspended three-year prison sentence.… Continue Reading

Teddy Obiang on trial in Paris for embezzlement

Richard L. Cassin June 22, 2017

The son of Equatorial Guinea’s president went on trial this week in France for embezzling more than $112 million from his country’s treasury.

Teodoro Nguema Obiang Mangue, also known as Teddy Obiang, is the second vice president of Equatorial Guinea.… Continue Reading

1MDB: DOJ forfeiture complaints now target $1.7 billion

Richard L. Cassin June 15, 2017

The Justice Department filed civil forfeiture complaints Thursday against $540 million in assets allegedly bought with money looted from a Malaysian sovereign wealth fund.

The DOJ has now filed forfeiture actions against nearly $1.7 billion in assets linked to 1Maylasia Development Berhad.… Continue Reading

Queler and Won: Do bribe takers walk?

Matthew Queler and Michael Won October 20, 2016

It is a somewhat common refrain that while corporate executives and companies pressured into paying bribes overseas face prosecution under the FCPA, the foreign officials who solicit, demand, and even extort the bribes go scot-free.… Continue Reading

DOJ seeks forfeiture of $1 billion linked to Malaysia state fund

Richard L. Cassin July 20, 2016

The DOJ filed a civil forfeiture complaint Wednesday against assets allegedly bought with money looted from Malaysia’s sovereign wealth fund, 1Malaysia Development Berhad.

More than $3.5 billion was misappropriated from the fund, the DOJ said.… Continue Reading

White House acts to end secret U.S. companies and hidden foreign ownership

Richard L. Cassin May 6, 2016

The Obama Administration Thursday announced a series of actions to end the use of anonymous corporations in the United States and require disclosure of beneficial owners when foreigners deposit money or buy assets in this country.… Continue Reading

Paul Pelletier on the Search for Mr. Goodboss: Who Should be the Next FCPA Chief?

Paul E. Pelletier April 26, 2016

The recent announcement that DOJ is taking applications for the newly vacated FCPA Chief position provides a timely opportunity to reflect on the history, growth and direction of the Unit as well as a chance to consider the unique game-changing possibilities that await an accomplished selectee.… Continue Reading

Martin Kenney: Kleptocracy stinks. The DOJ fights back ‘with impact’

Martin Kenney March 22, 2016

It is repellent to read how a tiny African country like Equatorial Guinea has been systematically plundered. For the culprit to be a member of the ruling family only adds weight to the wrong.… Continue Reading

DOJ returns $1 million in forfeited bribe money to South Korea

Richard L. Cassin November 10, 2015

Former South Korea President Chun Doo HwanThe Department of Justice returned $1.1 million in forfeited assets to the government of the Republic of Korea Monday.

The forfeited assets came from a corruption scheme orchestrated by former Korean President Chun Doo Hwan in the 1990s.… Continue Reading

DOJ seizing $12 million stolen from Philippine disaster relief funds

Richard L. Cassin July 15, 2015

The Department of Justice filed a civil forfeiture complaint Tuesday to recover $12.5 million in U.S. assets linked to a massive disaster relief fraud orchestrated by a prominent Philippines businesswoman who’s now serving life in prison.… Continue Reading

DOJ seeks forfeiture of $34 million in bribes from Canada company to Chad diplomats

Richard L. Cassin June 30, 2015

The DOJ filed a complaint Tuesday for the civil forfeiture of $34 million — the value of shares in a Canadian energy company used to bribe Chad’s former ambassador to the United States and Canada to influence the award of oil development rights.… Continue Reading