Part V Financial Wrongdoing and Private International Law, 15 Knowing Receipt

Subject(s):

Money laundering — Market abuse — Regulated activities — International financial system — Monetary system

This chapter deals with issues related to knowing receipt. For an equitable claim for knowing receipt to succeed, the claimant must establish the disposal of his money in breach of fiduciary duty and, secondly, the beneficial receipt of that money by the defendant which is traceable as the claimant’s money where, thirdly, the defendant had the requisite degree of knowledge of the breach of fiduciary duty. This claim has been said to be the equitable counterpart of the common law action for money had and received. The chapter then looks at a real scenario of a case of knowing receipt. It also examines the relevant jurisdiction and applicable law, including the law applicable to the issue of liability for knowing receipt.