Bahamas Freezes, Confiscates and Returns Assets to Fraud Victims

On December 3, 1996, in a landmark case the U.S. Government for the first time has obtained an asset freeze issued by a foreign court (the Bahamas) and returned those same frozen assets to U.S. telemarketing fraud victims. The case is significant because, while the Bahamas is perceived as a place for financial privacy, the cooperation of the Bahamian court signals that secrecy will not shield criminals, even in offshore jurisdictions that have a tradition of financial privacy ... [more]