Commercial life can often create some interesting problems.
Assume that you are, say, a bank manager, a corporate service provider, or any individual or entity that holds money, goods or chattels. Eight years ago your client – Mr Smith – arranged to transfer into an account, in his name, a sum of money. At the time of the transfer, you were quite satisfied as to the bona fides of the underlying transactions giving rise to the funds, and you were quite content that you discharged all of your anti-money laundering and KYC procedures.
He has dealt with, the funds and other assets that you hold, over the years, without there being any difficulty and your working relationship with him has been excellent.
On Monday of a given week, Mr Smith contacts you and asks that you transfer to an off-Island bank the majority of the funds that you hold to facilitate a property acquisition. You have been aware of this transaction for some time.
His request is e-mailed to you at 9.00am. He would like the completed transfer by close of banking hours Wednesday of that week.
At 10.00am you receive an e-mail from a Mrs Smith. You have not heard from her before and did not know that she existed. She says that she is the estranged, but not yet divorced, wife of your valued client.
They are in the process of going through divorce proceedings in another jurisdiction, say South Africa, and the money that has been sitting on your account, represents money that was improperly transferred to your account by Mr Smith, against her knowledge and, in fact, under South African divorce law it is money that she is, unquestionably, entitled to in its entirety.
What can you do? Find out by downloading the full article here: Inter Pleader proceedings: Caught between the devil and the deep blue sea