The exclusionary rule against enforcement of foreign public laws does not apply where the substance of the proceedings is compensatory — to reimburse defrauded consumers — even where the proceedings are initiated by a government agency under a public statute. Consumer protection regulatory regimes may serve a public interest without constituting a 'governmental interest' in the relevant sense. A legal owner of property who has a good claim at law cannot elect to trace in equity, at least absent insolvency or priority issues. A bank that receives a foreign currency deposit and places it with a correspondent bank in the normal course of banking acts as a mere depository and does not 'receive' trust funds for purposes of knowing receipt liability.
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