Global financial crime crackdown working

WASHINGTON, May 14 (UPI) -- The U.S. Treasury Department said Friday it is stepping up efforts to crack down on financial crime worldwide with Australia, Canada and Switzerland.

"As terrorists and other criminals attempt to move and hide illicit financial assets around the world, one country's forfeiture efforts, however effective and comprehensive, may not be enough to take the profit out of transnational crime," said Treasury Deputy Secretary Sam Bodman.

"International cooperation is needed, and today we recognize and thank the Canadian, Australian, and Swiss governments for their support and assistance in several important asset forfeiture cases," he added.

Bodman noted Australia and Canada cooperated for the arrest of Charles Hermanowski who defrauded cable television networks of funds over $8 million, while Switzerland helped arrest drug trafficker Gary Waldon. The Swiss also assisted in cracking down on the illegal activities of Michael Norton's Kona Kai Farms, which resulted in asset forfeiture to the tune of over $500,000.