Cross-border banking legal issues
One of the most sensitive limitations for people who face international prosecution, including extradition requests and sanctions, is their inability to legally run financial operations. The restrictions can be partial or complete but in any case pose a direct threat to the individual’s financial security and may negatively affect their positions abroad. Some of the developments our clients frequently face are closure, arrest or long-term freezing of their bank accounts, seizure of property and other assets, the inability to personally engage in banking transactions and settlements, release of their financial records to the requesting country authorities, and other issues. Ironically, this often happens in democratic countries with established free market economies, which are commonly perceived as the guarantors of human rights and a safe haven for those who are prosecuted by corrupt regimes for their lawful political and business activity.
The frequency of international arrest warrants abuse and the indifference of refuge country officials are increasing with globalization and the resulting growth of authoritarian regimes’ influence on the global arena. This requires lawyers to operate at the intersection of international crime law, banking & finance law on the one side and international relations & international politics, which set up an unofficial, but very powerful context for case review on the other side. Status Law partners have powerful expertise of how to effectively provide assistance in this multidimensional environment with a variety of challenges, to win even the most complex cases.
Besides participating in standard financial disputes on your side in the court, our firm provides some highly specific financial and banking law services and solutions, which include:
- Removal or correction the content of your record in World-Check database (also known as Refinitiv World-Check Risk Intelligence and Thomson Reuters World-Check Risk Screening) to help you pass the respective due diligence screenings;
- Expert advice on CRS (Common Reporting Standard) of OECD, and FATCA (Foreign Account Tax Compliance Act) regulations to help you meet compliance requirements and avoid unnecessary disclosure information;
- Preventive protection of your personal financial data from being released as a result of unsolicited access requests;
- Support in passing international criminal background check for banking, employment and business purposes;
- Legal regulation procedures to unfreeze foreign private and corporate bank accounts blocked as a result of your extradition or mutual legal assistance request.
Status Law is delighted to have all of its services in settling cross-border private finance & banking legal issues to be grounded on in-depth expertise in the subject matter and full compliance with the law. Our timely intervention is your best insurance from becoming a victim of ineffective bureaucratic mechanisms and corrupt state officials.