Article: China’s Belt and Road Initiative – considering criminal risk

Article - Media, Publications

China’s Belt and Road Initiative – considering criminal risk

Clyde & Co LLP, 16 May 2021

The Global Initiative Against Transnational Organized Crime recently published a research report entitled “China’s New Silk Road: Navigating the organized crime risk” examining the convergence of planned infrastructure and trade route development projects as envisioned within China’s Belt and Road Initiative (BRI) and established trafficking routes for criminal activities such as drugs, illicit environmental commodities and people. The paper argues that the economic benefits across Asia and Africa, for example increased trade, employment opportunities and economic growth are likely to be exploited by criminals and suggests that risks of this nature should also receive appropriate levels of consideration.

This should apply not just to the governments and authorities that are seeking to capitalise on BRI but also to the companies that attempt to benefit from the emergence of new markets and trading opportunities. Continue reading “Article: China’s Belt and Road Initiative – considering criminal risk”

Article: US Can’t Seize $330M Allegedly Tied To 1MDB Fraud Scheme

Article - Media, Publications

US Can’t Seize $330M Allegedly Tied To 1MDB Fraud Scheme

Caroline Simson, 10 March 2021

U.S. prosecutors came up short in their bid to seize some $330 million in assets held in escrow by Clyde & Co. that are allegedly connected to embezzled 1Malaysia Development Berhad funds when a California judge ruled that the government had not sufficiently shown how the money was tied to the alleged scheme.

U.S. District Judge Dale S. Fischer concluded on Tuesday that the government’s amended complaint filed last fall failed to show how the money — which an arbitral tribunal determined is owed to a PetroSaudi unit for drilling services provided to Venezuela’s state-owned oil company, Petróleos de Venezuela SA — was traceable to the fraud against 1MDB. Nor had the government proven that the funds were involved in a money laundering transaction, the judge found. Continue reading “Article: US Can’t Seize $330M Allegedly Tied To 1MDB Fraud Scheme”