Cross-border financial crimes can have severe consequences for both the organization and the executives. Given that the US dollar is the world’s dominant currency, in cross border transactions, it is likely that the US government would claim jurisdiction even if the organization has no existence in the US and it’s executives have never touched the US soil (for example the organization or its employees are based in the UAE or elsewhere).
Also, as the US government considers that holding all executives and individuals accountable for the organization’s wrongdoing is effective, executives are therefore vulnerable to exhaustive investigations and could get therefore be arrested in countries they travel to or reside in. Subsequently, it is likely that the executive will be extradited to the US based broadly on an arrest warrant, provisional arrest warrant or through an Interpol Red Notice.
In addition, one of the mostly used indictments is the count of ‘conspiracy to commit’ the illicit act, which is considered an offence under the US laws.
If extradition is one of the mediums used by the US prosecutors, then they would usually rely on bilateral treaties to extradite those executives in order for them to stand trial in the US., Although in some instances, the country in which the executive is located might accept to extradite the accused without a treaty.
Whether there is a treaty or not, each country and each extradition treaty varies considerably. As such, many elements shall be considered in order to decide whether to waive extradition or to resist extradition. Those would include, without limitation, the rule of speciality, limitation period, dual criminality, reciprocity principles, and extraditable offences. Also consideration shall be taken as to possibility of prosecuting the executive in the hosting state.
If the executive is surrendered to the US, then the executive, usually through its counsel, needs to negotiate to reach a deal with the US prosecutors. If there is no deal, or if the deal is unreasonable, then the executive might need to be ready to try the case.
Clout and it’s affiliates in the UK and the US can assist its clients in managing, defending and making settlements with the US government and others and through the entire lifecycle of the proceedings.
Clout can also assist governments in negotiating with the US government asset sharing agreements to share the assets or the substituted asserts that are forfeited as a result of the illicit act committed by the organization or its individuals.
Mrs. Fatimah Buqaila is an associate at Clout Law Firm – Jordan.
Abeer is an associate at Clout Law Firm – Jordan. She Has experience in regulatory matters, business incorporation...
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Turki A. Zrikat is a Senior Lawyer in the dispute resolution team at Clout Law firm - Jordan.
Dr. Murat Can Pehlivanoğlu is a Partner and is also Head of Clout offices in Istanbul, Turkey.
Ahmad H. Haddad is a Co-Managing Partner at Clout Legal Consultancy Firm, UAE and Clout Law Firm - Jordan.
Mr. Ayham A. Othman is the Co-Managing Partner of Clout in the United Arab Emirates, Jordan and Turkey.
Mr. Abdallah Nassar Othman is the Founder and Managing Partner of Nassar and Partners Law Firm.
Mr. Hamza Ahmad Haddad, the Former Minister of Justice and the Founder of Law and Arbitration Centre...