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  • Recovery of Laundered Funds in the United Kingdom

    Proof of money laundering in the United Kingdom made easier! In a recent decision, Relfo v. Vasani (2014) EWCA Civ 360, the Court of Appeal was confronted with the Liquidator being unable to show evidence of each transaction transferring monies through various bank accounts and ultimately being received by the recipient....
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  • Recent New York District Court Decision Limits Bankruptcy Trustee Recovery of Property Transferred Offshore

    Section 550 of the US Bankruptcy Code allows for the bankruptcy trustee to recover for the benefit of the estate property transferred to an immediate transferee that can be avoided under other Code provisions. In a recent matter in the Madoff bankruptcy proceeding, Sec. Investor Prot. Corp v. Bernard L. Madoff Inv. Secs. LLC, 2014 U.S. Dist. Lexis 91508 (S.D. N.Y. July 6, 2014), the bankruptcy trustee sought to recover funds that had been transferred from Madoff Securities to certain foreign customers (feeder funds), who then in turn transferred funds to certain foreign persons and entities. The trustee sought to recover these subsequent transfers—transfers made abroad between a foreign transferor and a foreign transferee.
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  • Limit Set on Reach over International Banking Transaction through New York Bank

    Parties cannot obtain jurisdiction in New York merely by the small passing of funds through New York banks. Rather, there will need to be a specific connection with New York and more than a tertiary role in the international banking system.
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About HMB Law

Welcome to HMB's SALT & Pepper blog. As the title suggests, this blog tracks important and emerging issues, trends and developments that affect our clients not only in State and Local Tax (SALT) but also in other disciplines and industries. This blog is designed to be a helpful resource. We hope our readers will find it practical, insightful and valuable.

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