Luxembourg Court Returns Drug Money to Cartel

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Monday, February 1, 1993
Author: 
Volume: 
9
Issue: 
2
43
Abstract: 
On January 22, a ruling by the Luxembourg High Court of Justice cleared the way for the return of $36 million in alleged drug trafficking proceeds to the Colombian Cali drug cartel. The money is currently frozen in more than fifty bank accounts in nine European countries. The Court’s decision resulted from a loophole in the Luxembourg law as it existed at the time the money was seized. Under the law, funds could be seized from an account only if the owner of the account was convicted…[more]