Author: Dr. Angelika Hellweger 18 October 2022
Offshore lenders and crypto exchanges may now have to provide confidential information about clients suspected of fraud or money laundering under an amendment to procedures governing civil litigation in the UK.
Moneylaundering.com asked Rahman Ravelli’s Angelika Hellweger about the implications of the change. The change is expected to make it easier for those who have lost assets to crypto-related or other financial crime to identify those responsible and those who laundered the proceeds.
Angelika made it clear that the change could be significant. Now, the UK High Court can serve Norwich Pharmacal Orders and Bankers Trust Orders on overseas banks, crypto exchanges and other financial intermediaries believed to have contact with illicit proceeds.
This could, she argued, see overseas exchanges becoming increasingly willing to comply with such orders, as it would be bad for their reputation to be seen not to comply. She added that she expected such compliance to increase as the cryptocurrency sector becomes more regulated.
Angelika’s comments featured in moneylaundering.com. (Subscription required)
Angelika is a specialist in international, high-level economic crime investigations and large-scale commercial disputes. She has widely-recognised expertise in representing corporates and conglomerates in Europe, the Middle East, Africa and United States.