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

Zachary Douglas QC, Andrew Bodnar

From: Banks and Financial Crime: The International Law of Tainted Money (2nd Edition)

Edited By: William Blair, Richard Brent, Tom Grant

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 19 April 2024

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.

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