Laundering and Tracing

Laundering and Tracing

Laundering and Tracing

Laundering and Tracing

Synopsis

The legal difficuties arising out of the growing number of `money-laundering' cases reaching the courts are the subject of a burgeoning literature. Certainly there is much debate among practitioners, judges, and academics as to what the civil courts can do to assist plaintiffs seeking to recover funds in the UK and overseas. This collection of essays, the first on the subject, throws important fresh light on the solutions offered by the common law and equity, and considers the judicial reasoning in recent landmark cases.

Excerpt

The date below marks a thirtieth birthday. the preface to the first edition of Goff and Jones was written on 1 October 1965. This book is dedicated to Robert Goff and Gareth Jones in grateful recognition of their colossal achievement. They have once and for all dispelled the illusion that English law lacked a department of law which, as Lord Wright remarked, no civilized system can be without. War and its aftermath delayed the reaction which Lord Wright hoped to precipitate. Goff and Jones was that response. Its authors may justly claim as their own anything of worth in the vigorous literature of restitution which their inspiration has evoked.

The volume brings together papers which in earlier versions were presented at two sptl Seminars. the last chapter has been added by the editor in an attempt to draw together some of the most important questions. One seminar was devoted to tracing and the other to defences, the two being closely linked. Although the defences have a wider application, there are many problems relating to claims contingent on tracing which cannot be solved without knowing how such claims respond to the more important defences, especially bona fide purchase, change of position and ministerial receipt.

Money laundering is a menace. Tainted funds from drugs traffic and terrorism are the prime causes of the recent round of energetic legislation designed to make life more difficult for the launderers. the European Directive on Money Laundering has been followed in the uk by primary and delegated legislation. the aim is to deter laundering by well-focused use of the criminal law and, at the same time, to obstruct it by compelling banks and other persons and institutions in the financial services industry to ask more questions, keep more records and divulge more information. the money laundering legislation does not bear directly on the civil law, but, as the chapters by Stephen Moriarty, Helen Norman and Simon Gleeson show, it will profoundly alter professional practices and is bound to filter back into the setting of standards which determine the incidence of civil liability.

The huge profits of the drugs industry are gained ultimately from thousands of users who will never so much as contemplate recourse to the civil law. It is different in the case of theft, fraud and corruption. There the victims and their insurers have economic power, and the sums at stake are often large enough to justify a restitutionary campaign in the courts.

Tracing is a weapon against laundering. It allows value held in one form at one place to be located later in other assets in another place. It lengthens . . .

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