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15 February 2007 / Susanna Long , Andrew Howell
Issue: 7260 / Categories: Features , Commercial
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Caught up

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Suspicious banks must guard against civil claims, say Andrew Howell and Susanna Long

Banks and financial institutions are in the front line of the battle against fraud and money laundering; and prime targets for claims brought by victims of fraud who try to recoup their losses from banks caught up in illicit transactions. Adnan Shaaban Abou-Rahmah & Anor v City Express Bank of Lagos & Ors [2006] EWCA Civ 1492 is a useful reminder that banks’ compliance with money laundering obligations may not be enough to ward off civil actions.

Adnan Shaaban Abou-Rahmah

It was a familiar scam. Adnan Shaaban Abou-Rahmah, a lawyer practising in Kuwait, agreed with three individuals (the fraudsters) to invest as trustee about US$65m, allegedly located in Benin. The fraudsters claimed that, because of bureaucratic obstacles in Benin, various payments needed to be made before the trust money could be released. To this end, Abou-Rahmah and his client contributed substantial sums, including two payments totalling US$625,000.

On the instructions of the fraudsters, the two payments were made into the

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