Germany – prosecutors seek confiscation of €720 million

It has been reported that Federal Prosecutors in Germany have applied to confiscate €720 million in frozen assets belonging to Russia’s National Securities Depository.

After the NSD had been designated it had sought to move the funds and made transfer requests to JP Morgan and Commerzbank which refused to proceed with the transfer. As such the prosecutors are seeking to have the funds treated as the proceeds of crime and so confiscatable under ordinary anti-money laundering rules.

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