20210127 Radiogate.


Less than a fortnight after putting to bed, as we thought, Part III of the e-learning course Essentials: Financial Crime Risks of Corporations, Trusts and other business structures, there landed on my desk, at least figuratively, a fascinating Judgment.

It’s in the English Court of Appeal. The English case arose out of a judgment made in a court in the USA in which substantial damages were awarded to the Plaintiff which concluded that the Defendant intended to hide assets to prevent enforcement.

As a result, the Plaintiff issued proceedings in London for an injunction.

The analysis of the case includes diving down several rabbit holes which in some cases went to a golden age of English jurisprudence, the 1880s, approx.

Why does this civil case matter so much that it was worth my while spending two weeks working on it so as to add it to a financial crime course?

It’s because, as a case, it covers so many areas that matter to us in financial crime risk and compliance.

For example, can a prosecutor in the USA use what was said in one of those meetings that ends up a deferred prosecution agreement to attack overseas assets of the defendant?

The case brings out issues of constructive trusts, complex international and domestic corporate structures, beneficial ownership registers and the protection of ″without prejudice″ negotiations.

Was it worth the time? Absolutely. It ties off the entire three part course very nicely, even if it has delayed other projects.

That three part series is an extremely wide-ranging course. I commend it to you.


While I’m on the subject of the training site, we’ve added a new section: audio streams of some of my blogs. You can access them directly at financialcrimebroadcasting.com.