News
Fraudnet and its Members in the News
11 November 2011– The Hunter of Billions (Handelszeitung)
Fraudnet member for the British Virgin Islands Martin S Kenney, of Martin Kenney & Co, Road Town, was interviewed by the Swiss Handelszeitung on his experience in tracing assets in offshore jurisdictions. Click here to read the article in German (Jäger der Milliarden) and here for its English translation.
31 October 2011 - UNCITRAL Commission Working Group V – Insolvency Meeting
FraudNet Member for the USA Christopher J. Redmond, of Husch Blackwell LLP, Kansas City, has been selected as a member of the USA delegation to the UNCITRAL Commission in regard to Working Group V – Insolvency meeting to be held at the United Nations Facility in Vienna, Austria, in which the issues of Centre of Main Interest (“COMI”) and the duties and responsibilities of directors in pre-insolvency and insolvency proceedings will be addressed. Click here for the agenda and documents.
24 October 2011 - Nation Seeks Ben Ali's Assets (Wall Street Journal)
FraudNet Member for Switzerland, Enrico Monfrini, of Monfrini Crettol & Associés, Geneva, who has been retained by Tunisia to recover the Ben Ali assets, and Mustapha Nabli, Governor of the Tunisian Central Bank and head of the national committee overseeing the asset-recovery effort, are interviewed on the upcoming recovery proceedings.
12 October 2011 - Tunisian legal aid request marks “major step” (Swissinfo)
Tunisia hired FraudNet Member for Switzerland, Enrico Monfrini, of Monfrini Crettol & Associés, Geneva, who has worked on high-profile cases, including former Haitian leader Jean-Claude 'Baby Doc' Duvalier and Nigeria’s former leader General Sani Abacha, to hunt Ben Ali funds worldwide. Tunisia’s request for legal assistance has been accepted by the Swiss Justice Office, and the Federal Prosecutor’s Office opened criminal investigations into money laundering.
25 September 2011 - Miami law firms expanding global reach (Miami Herald)
FraudNet member for the USA, Edward H. Davis, of Astigarraga Davis, Miami, was interviewed by the Miami Herald about the globalization of the Miami legal market and how Miami is becoming one of the top five places in the world where fraud litigation and asset recovery is run out. Click here to read the article.
22 September 2011 - How to Hide (and Find) Assets (Bloomberg Business Week)
Fraudnet member for the British Virgin Islands Martin S Kenney, of Martin Kenney & Co, Road Town, was interviewed in the 'How to...' section of Bloomberg Business Week on his experience in tracing assets in offshore jurisdictions. Click here to read the article.
FraudNet has a new member in Ukraine, Olga Ianiutina of Egorov, Puginsky, Afanasiev & Partners, Kiev (formerly Magisters, Kiev). Click here to view her profile and here to view the announcement of her appointment by her firm.
27 August 2011 - Enrico Monfrini: Traqueur de cleptocrates (L'Echo)
FraudNet member for Switzerland Enrico Monfrini, of Monfrini Crettol & Associés, Geneva, was interviewed in Belgium’s L’Echo on his experience in hunting dictators’ assets, notably those of Sani Abacha. Click here to read the article
4 August 2011 - LG wins high-profile role on Stanford Bank liquidation (Legal Week)
FraudNet member for the United Kingdom Andrew Witts, of Lawrence Graham, London, was interviewed in Legal Week regarding the appointment of his firm by Grant Thornton, the new liquidators of Stanford International Bank (SIB), following its 2009 collapse amid a billion-dollar fraud scandal. Lawrence Graham, London, is advising on all UK matters concerning SIB’s assets in London, including the $110m (£68m) of assets currently restrained by the Serious Fraud Office on behalf of the US Department of Justice. Click here to read the article.
12 July 2011 - New FraudNet member in Antigua
FraudNet has a new member in Antigua, Nicolette M. Doherty, of Nicolette M. Doherty, St John's. Click here to view her profile.
FraudNet has a new member in Sweden, Finn Madsen, of Vinge, Malmö. Click here to view his profile.
29 June 2011 - 44th session of the UNCITRAL Commission
FraudNet Member for the USA Christopher J. Redmond, of Husch Blackwell Sanders LLP, Kansas City, has been selected as a Member of the USA Delegation to UNCITRAL to appear at the 44th session of the UNCITRAL Commission at the United Nations Facility in Vienna, Austria. The agenda will include insolvency issues, including the Centre of Main Interest (“COMI”), duties and responsibilities of directors in pre-insolvency and insolvency proceedings and in addition a Judicial Deskbook coordinating all the different products of the United Nations, including the Model Law, Legislative Guide on Insolvency Law, Corporate Enterprise Groups, A Practice Guide on Cross-Border Agreements and other related material (Click here for the agenda).
FraudNet member for Jersey Stephen Baker, of Baker and Partners, St Helier is featured in an article of Jersey Finance News about his presentations at three international conferences in Malta, London and Amsterdam. Click here to read the article.
26 May 2011 - New FraudNet member in Monaco
FraudNet has a new member in Monaco, Donald Manasse, of Donald Manasse Law Office, Monte Carlo. Click here to view his profile.
20 May 2011 - Kenya refuses to send corruption suspects to Jersey (BBC)
FraudNet member for Jersey Stephen Baker, of Baker and Partners, St Helier, acts for the Kenyan Anti Corruption Commission in its investigation into the corrupt flow of monies through Jersey and the recovery of the assets allegedly held to the benefit of former Chief Executive of KPLC, the Kenyan electricity supplier. Applications have been made for the arrest of Gichuru and former Energy Minister Chris Okemu following extradition warrants issued by the Jersey prosecution authorities seeking their return to Jersey to stand trial for money laundering offences.Click here for the latest update on the proceedings on BBC News.
Fraudnet members for the USA Edward H. Davis, of Astigarraga Davis, Miami, and the British Virgin Islands Martin S Kenney, of Martin Kenney & Co, Road Town, have obtained the appointment by Honourable Mr Justice Mario Michel of the Eastern Caribbean High Court at Antigua of new liquidators of Stanford International Bank Ltd in the context of the $7 billion bankruptcy proceedings. Click here to read the article.
11 May 2011 - Russian Rule of Law Being Imposed by British Courts (Moscow Times)
FraudNet member for the United Kingdom Steven Philippsohn, of Pcb Litigation LLP, London, was interviewed by the Moscow Times on the growing trend for Russian businessmen to use the British courts to seek justice. Click here to read the article.
6 May 2011 - First Person: Enrico Monfrini (Financial Times)
FraudNet member for Switzerland Enrico Monfrini, of Monfrini Crettol & Associes, Geneva, was featured in Financial Times’ First Person, where he discusses his experience in hunting dictators’ assets, notably those of Sani Abacha and Jean-Claude Duvalier. Click here to read the article.
5 May 2011 - Arab rulers' cash tough to reclaim - Swiss experts (Reuters)
FraudNet member for Switzerland Enrico Monfrini, of Monfrini Crettol & Associes, Geneva, was interviewed by Reuters on the difficulties ahead in recovering the assets of the deposed Arab rulers. Click here to read the article.
28 April 2011 - New FraudNet member in Russia
FraudNet has a new member in Russia, Khristofor Ivanyan, of Ivanyan and Partners, Moscow. Click here to view his profile.
28 April 2011 - New FraudNet member in Scotland
FraudNet has a new member in Scotland, Douglas Milne, of Morton Fraser, Edinburgh. Click here to view his profile.
20 April 2011 - La Suisse, nid de parasites financiers (L'Hebdo)
FraudNet member for Switzerland Yves Klein, of Monfrini Crettol & Associés, Geneva, was interviewed by Swiss magazine L'Hebdo on financial fraud by unauthorized financial intermediaries in Switzerland. Click here to read the article (in French).
31 March 2011 - Transparency International (TI) report on Statute of limitations in EU Countries
FraudNet member for Greece Ilias Anagnostopoulos, of Anagnostopoulos, Athens, was one of the key speakers at the presentation in Athens of a research done by Transparency International on “Statute of limitations in EU Countries”. Click here to read the article.
28 March 2011 - Crime outlook (The Lawyer)
FraudNet member for Austria Bettina Knoetzl, of Wolf Theiss, Vienna, was quoted in The Lawyer on the development of the white collar crime practice in Austria.Click here to read the article.
25 March 2011 - New FraudNet member in Brazil
FraudNet has a new member in Brazil, Henrique Forssell, of Forssell Advogados, Sao Paulo. Click here to view his profile.
15 March 2011 - Les fortunes des dictateurs (Challenges)
FraudNet member for Switzerland Enrico Monfrini, of Monfrini Crettol & Associes, Geneva, is interviewed by the French magazine Challenges on the Arab dictators’ assets and the difficulties ahead in recovering them. Click here to read the article (in French).
FraudNet members for the USA Joseph J. Wielebinski, of Munsch Hardt Kopf & Harr P.C., Dallas, and the British Virgin Islands Martin S Kenney, of Martin Kenney & Co, Road Town, are quoted in the Dallas Business Journal on third-party funding in litigation. Click here to read the article.
9 March 2011 - U.S. Takes On Bribery With Wider Application of FCPA (Daily Business Review)
FraudNet member for the USA Edward H. Davis, of Astigarraga Davis, Miami, is quoted in the Daily Business Review on the foreign application of the FCPA. Click here to read the article.
4 March 2011 - New FraudNet members in the Philippines
FraudNet has new members in the Philippines, Patricia-Ann T. Prodigalidad and Emerico De Guzman, of Angara Abello Concepcion Regala & Cruz (ACCRALAW), Manila. Click here to view their profile.
3 March 2011 - The dictator hunter (BBC Outlook)
FraudNet member for Switzerland Enrico Monfrini, of Monfrini Crettol & Associes, Geneva, is interviewed in BBC’s Outlook on his experience in hunting dictators’ assets, notably Sani Abacha and Jean-Claude Duvalier. Click here to listen to the interview.
23 February 2011 - Récupérons les capitaux volés par les dictateurs! (Le Temps)
FraudNet members for the United Kingdom Steven Philippsohn and Anthony Riem, of PCB Litigation LLP, London, co-wrote an article for the Swiss daily Le Temps on some of the laws available in Switzerland, the United Kingdom, the USA and other countries to recover stolen assets. Click here to read the article (in French).
21 February 2011 - Pressure grows over Mubarak funds (Financial Times)
FraudNet member for the United Kingdom Steven Philippsohn, of PCB Litigation LLP, London, was quoted in the Financial Times concerning the apparent failure of the Egyptian Government to include President Mubarak's name in a list of officials whose assets the British Government had been asked to freeze. Click here to read the article.
15 February 2011 - Campaigners praise Mubarak asset freeze (Swissinfo)
FraudNet member for the United Kingdom Steven Philippsohn, of PCB Litigation LLP, London, was quoted in an article by Simon Bradley on swissinfo.ch which related to Switzerland's move to block the assets of the former Egyptian President Hosni Mubarak. Click here to read the article.
15 February 2011 - BBC Radio 5 Live
FraudNet member for the United Kingdom Anthony Riem, of PCB Litigation LLP, London, appeared on BBC Radio 5 Live to provide opinion on the ability to recover Arab leaders’ assets where they had been transferred to various countries. Click here to listen to the interview.
10 February 2011 - Daimler Charged in EADS Insider-Trading Investigation (Bloomberg Business Week)
FraudNet member for France Stephane Bonifassi, of Lebray & Associes, Paris, was quoted by Bloomberg Business Week on the EADS Insider-Trading Investigation. Click here to read the article.
1 February 2011 - Monfrini - der Potentatenjäger (Financial Times Deutschland)
FraudNet member for Switzerland Enrico Monfrini, of Monfrini Crettol & Associes, Geneva, is featured in Financial Times Deutschland’s Agenda and speaks on his experience in hunting dictators’ assets, notably Sani Abacha and Jean-Claude Duvalier. Click here to read the article (in German).
1 February 2011 - Swiss law takes effect, blocks Duvalier's assets (CNN)
FraudNet member for Switzerland Enrico Monfrini, of Monfrini Crettol & Associes, Geneva, who represents Haiti in the efforts to recover the assets of former dictator Jean-Claude Duvalier was interviewed by CNN on the entry into force of the Federal Act on the Restitution of Assets of Politically Exposed Persons obtained by Unlawful Means (RIAA). Click here to read the article.
1 February 2011 - Duvalier assets frozen yet again, but this time with hope for Haiti (Genevalunch)
FraudNet member for the United Kingdom Steven Philippsohn, of PCB Litigation LLP, London, was quoted in Genevalunch.com concerning the new Swiss Act on the Restitution of Assets of Politically Exposed Persons obtained by Unlawful Means (RIAA) and how this impacts on monies deposited by Haiti's ruling Duvalier family before they fell from power in the 1980's. Click here to read the article.
FraudNet member for the USA Edward H. Davis, of Astigarraga Davis, Miami, is quoted in the Wall Street Journal on the fight between prosecutors and trustees for dominance in Ponzi bankruptcies. Click here to read the article.
Plan of Liquidation for Provident Royalties LLC Announced
MUNSCH HARDT ANNOUNCES PLAN OF LIQUIDATION
FOR PROVIDENT ROYALTIES, LLC AND AFFILIATES
Dallas — June 17, 2010 —
Munsch Hardt Kopf & Harr P.C. represented the Chapter 11 Trustee of Provident Royalties, LLC and its 26 debtor affiliates in successfully obtaining confirmation of a plan of liquidation for those entities on June 10, 2010. The plan was proposed jointly by the Chapter 11Trustee, the Official Committee of Unsecured Creditors and the Official Investors Committee. On June14, 2010, the plan took effect, and distributions to creditors have commenced.
The plan will pay 100 percent plus interest to all creditors holding allowed claims and creates a liquidating trust to pursue litigation against third parties for the benefit of holders of Provident’s preferred stock interests. Among the claims being pursued by the trust are personal claims of investors who elected to assign their claims against certain third parties to the liquidating trust. The plan was overwhelmingly approved by creditors and investors.
24 June2010 - Calgary to be next venue for FraudNet
Calgary to be next venue for FraudNet conference and meeting in October 2010
The next FraudNet gathering will take place in Calgary, Canada from 1-2 October immediately before the International Bar Association annual conference in Vancouver.
A conference, open to members and guests will take place on 1st October and will include presentations from a number of different speakers on fraud related topics. This will be followed by the FraudNet fall meeting on Saturday 2nd October. Details of the programme and speakers for both events will be published shortly
09 June 2010 - New Executive Director for FraudNet
Joe Wielebinski of Munsch Hardt Kopf and Harr was appointed on 1st June as the new Executive Director of FraudNet. His appointment will bring a wealth of experience in shaping the direction of the network over the next two years. Joe will be assisted in his task by the three FraudNet committees whose composition has changed since FraudNet’s last meeting in Mauritius in April this year.
08 February 2010 -Echemus - investing in the fight against fraud
Jim Little left his job as a partner at a London-based private equity firm to come home to Baltimore to launch Echemus. It takes a lot of money to find stolen loot.
Asset recovery lawyer Martin S Kenney and his team of investigators spend millions of dollars and several years tracking down and recovering large sums of ill-gotten gains hidden around the world for victims of fraud.
But often, no access to capital can mean limited access to justice for victims who have been wiped clean.
03 November 2009 - New FraudNet book boosts fight against financial fraud
Nobody really believes that life is fair but the amount of criminal proceeds currently being recovered from frauds, even when the fraudsters have been caught and prosecuted, is little short of a crime in itself.
The need for victims to get more back is acute and a new book from ICC FraudNet aims to show legal professionals how best to go about this.
The FraudNet World Compendium ‘Asset Tracing & Recovery’ is a 1,145-page tool that unlocks the tactics and techniques that will be needed, and educates readers how to introduce and implement the right procedures to redress the current large imbalance that exists between what is stolen and what is recovered.
It has been written by attorneys and investigators who know what they are doing in this complex field, and have the knowledge, experience and track record of success to back-up their advice. These are the last people that fraudsters want on their tail: they do not make mistakes, know all the tricks and, via membership of the ICC FraudNet network, have an international reach that transcends national boundaries and legislation.
The corruption case against Paulo Maluf, the former São Paulo mayor accused of corruption by Manhattan’s district attorney in 2007, has spawned a shameless slogan among his supporters. “Rouba mas faz”, it runs, or: “he steals, but he gets things done”.
The corruption case against Paulo Maluf, the former São Paulo mayor accused of corruption by Manhattan’s district attorney in 2007, has spawned a shameless slogan among his supporters. “Rouba mas faz”, it runs, or: “he steals, but he gets things done”.
Given the level of hubris over the alleged graft – which Mr Maluf has always denied – it is perhaps no surprise to find he is the target of an international attempt by the Brazilian authorities to recover money from him.
02 October 2009 - FraudNet conference Munich
FraudNet is a network of attorneys at law set up at the beginning of 2004 under the umbrella of the International Chamber of Industry and Commerce (ICC) in Paris who have specialised in combating white-collar crime. FraudNet is under the Commercial Crime Services of ICC in London.
The purpose that ICC pursued in setting up FraudNet was not only to prevent white-collar crime, but also to provide its members who have suffered damages with experts who effectively support them in recovering the assets they have been deprived of anywhere in the world and asserting claims to compensation for damage. Their anti-fraud specialists not only work for governments, banks, companies and businesspersons, but also for private persons who have suffered damage. Their mission is helping the victims of white-collar crime and their special field is hunting stolen assets abroad and returning them to the owners: 50 specialised attorneys all over the world have
joined forces in Fraudnet in 43 countries to combat fraud and corruption.
22 July 2009 - INSOL Conference Vancouver 2009
The Worldwide recession has caused economies to collapse, fraud seems one of the only industries unaffected by the crisis. Bernard Madoff, Sir Allen Stanford, Barry Tannenbaum; were all involved in major frauds within the last six months, with damages as high as US$ 50 billion.
A problem that should be for the criminal authorities has great influence on the day to day work of insolvency practitioners, appointed as liquidators in fraud cases, or assisting victims of fraud in their struggle for restitution. Alex King (Australia, Chair), Andrew Weissmann (USA), Anthony Akiwumi (Cayman Islands) and Bernd Klose (Germany) all discussed backgrounds and strategies to fight fraud, tracing and locating assets, and returning them to the victims in the 2009 INSOL Conference, Vancouver.
22 January 2009 - FraudNet Meetings
The next meeting will take place in Prague from 1st - 2nd May. Further details and a draft programme will be available for members in the near future.
The Autumn meeting and conference will take place in Munich from 2nd - 3rd October 2009
22 April 2008 - Three new members join FraudNet
New members for Austria, Ukraine and Hong Kong have recently been added to the network.
22 April 2008 - Buenos Aires Meeting and Conference
Our next meeting is scheduled to take place in Buenos Aires Argentina from 16th to 17th October.
A programme is being put together and will soon be circulated to members.
22 April 2008- Smaller firms catch a break in market crisis
FraudNet member Kobre and Kim feature in a recent article on Law.com as a beneficiary of litigation relating to the sub prime collapse. See: http://www.law.com/jsp/law/sfb/lawArticleSFB.jsp?id=1208342621160
15 April 2008 - FraudNet meets in Washington DC
A record number of FraudNet members (33 in all) attended our two day Spring Conference and Meeting in Washington at the Ritz Carlton hotel.
The event was preceded by a formal evening dinner at the Army and Navy club kindly hosted by PriceWaterhouseCoopers LLC on March 10th. On the following day the conference entitled " Asset recovery by private sector counsel as a component of the fight against public sector corruption and transnational fraud" took place. Leading figures from the SEC, World bank, Transparency International and the Inter-American Bank joined FraudNet experts from all over the world in providing some fascinating presentations which were well received by the audience and prompted a good deal of discussion and debate The next Fraudnet Conference and Meeting is scheduled to take place in Buenos Aires on October 16th and 17th.
15 April 2008 - FraudNet members meet and speak in Geneva
The C5 "Fraud Asset Tracing and Recovery" conference which took place in Geneva from 31st March to 1st April provided an excellent venue for a number of FraudNet members to meet and discuss important fraud related issues.
FraudNet speakers at the event included David M Mizrachi and Martin S Kenney. The local FraudNet representatives, Enrico Monfrini and Yves Klein, kindly hosted a gourmet dinner for all the FraudNet delegates.
15 April 2008 - Offshore Alert Conference attracts FraudNet members
The 6th Offshore Alert financial due diligence conference convened in Fort Lauderdale, Florida on 14th April. This is a well respected event which focuses on a variety of issues relating to offshore financial centres.
Speakers at the event included FraudNet members Ed Davis and David M Mizrachi who covered the Trinidad Piarco airport fraud and how proceeds from this were recovered from a number of different jurisdictions. Two further FraudNet members Martin S Kenney and Bernd Klose were panelists on the use of bankruptcy proceedings as an international asset recovery tool
15 June 2007 - Spanish stamp fraud investigation making progress
Hammonds Madrid, the CCS FraudNet member for Spain, has reported the latest developments in that country's ongoing stamp investment fraud investigation.
The fraud, originally featured in CCI last June, involves two companies - Afinsa and Forum Filatelico - suspected of getting more than 200,000 victims to invest in stamps in the belief their value would increase substantially. But police allege the two deceived clients because they didn't possess many of the stamps they supposedly purchased on their behalf, and said the actual value of the stamps was heavily overestimated.
New Publications
FraudNet member for Italy Roberta Guaineri, of Studio Moro Visconti, de Castiglione, made a presentation at SYNERGIA Formazione conference on I flussi informativi nelle societa' e nei gruppi (information fluxes in companies and groups) on “I fatti censurabili e la conoscenza di ipotesi di reato ex D. Lgs. n. 231/01”. Visit our Publications and Resources pages for more material on the same topics: Italy, Companies, Compliance.
FraudNet Member for the USA Christopher J. Redmond, of Husch Blackwell LLP, Kansas City, chaired a program at the Global Business Law Forum, American Bar Association on International Insolvencies: Basic Principles and Current Problems, Including Lessons from Lehman, Stanford, and Other Recent Cases and delivered a paper titled “UNCITRAL update on Working Group V: COMI and other challenging issues” (click on the link to download the paper). Visit our Publications and Resources pages for more material on the same topics: Cross-border insolvency, Director & third party liability.
FraudNet Members for Nigeria Babajide Ogundipe, of Sofunde, Osakwe, Ogundipe & Belgore, Lagos and the USA Edward H. Davis, of Astigarraga Davis, Miami, published the following articles in the IBA Anti-Corruption Committee News: “Anti-corruption in Africa” (Babajide Ogundipe) “Anti-corruption updates from Central America” and “Updates from the Caribbean region” (Edward H. Davis). Click on the links to read the articles. Visit our Publications and Resources pages for more material on the same topics: Corruption.
Trevor Mascarenhas, of PCB Litigation LLP, London, FraudNet member for the United Kingdom, wrote an article for the International Company and Commercial Law Review (ICCLR), Issue 10, 2011, titled “Constructive Trusts in Fraud Cases”. Click here to read the article. Visit our Publications and Resources pages for more material on the same topics: United Kingdom, Fraud, Asset Tracing, Trusts, Director & third party liability.
FraudNet Member for Israel Haggai Carmon, of Carmon & Carmon, Ramat Gan published a Hebrew language legal textbook titled "Foreign Judgments in Israel: Recognition and Enforcement", Publishing House of the Israel Bar Association, with an introduction by the Hon. Eliezer Rivlin, Deputy Chief Justice, the Israel Supreme Court. Click here for more information.
FraudNet member for the United Kingdom Anthony Riem, of PCB Litigation LLP, London, wrote an article for the July issue of CDR News, titled “Litigating Russian disputes in foreign jurisdictions”. Click here to read the article. Visit our Publications and Resources pages for more material on the same topics: United Kingdom, Russia, Multijurisdictional proceedings.
FraudNet member for Austria Bettina Knoetzl, of Wolf Theiss, Vienna, made a presentation on “Dangerous Gifts” at the Compliance & Risk Management for Corporate and Real Estate Managers Conference organized by CoreNet Global. Click here to download her slides (in German). Visit our Publications and Resources pages for more material on the same topics: Austria, Corruption, Compliance, Director & third party liability.
FraudNet member for Luxembourg, François Kremer, of Arendt & Medernach, Luxembourg, was a member of the team at the Institut Luxembourgeois des Administrateurs ILA (Luxembourg Directors Institute), that issued ”Fraud & its Governance - A practical guide for Directors”. Click here to download the guide. Visit our Publications and Resources pages for more material on the same topics: Luxembourg, Companies, Risk, Director & third party liability.
FraudNet member for Germany Bernd Klose, of kkforensic, Friedrichsdorf, Hamburg spoke on “Asset Tracing and Recovery” at the 3rd Corporate Fraud & Corruption Forum in Amsterdam. Click here to download his presentation. Visit our Publications and Resources pages for more material on the same topics: Asset Tracing, Fraud.
FraudNet members for Jersey Stephen Baker, of Baker and Partners, St Helier, the British Virgin Islands Dan Wise, of Martin Kenney & Co, Road Town, and Switzerland Yves Klein, of Monfrini Crettol & Associes, Geneva, made presentations on their respective jurisdictions at the 7 Bedford Row Trust Busting Seminar, London: "Trust Busting in Jersey"; "Trust busting in the British Virgin Islands and Nevis"; "Trust busting in Swizterland". Visit our Publications and Resources pages for more material on the same topics: Jersey, British Virgin Islands, St Kitts & Nevis, Switzerland, Trusts, Piercing the corporate veil.
FraudNet members for Germany Bernd Klose, of kkforensic, Friedrichsdorf, Hamburg, Italy Roberta Guaineri, of Alberto Moro Visconti, Milano, and Jersey Stephen Baker, of Baker and Partners, St Helier, were invited to speak at the ICC Financial Investigation Bureau (FIB) Financial Crime Conference 2011, Malta, on “The Ponzi phenomenon and the lessons to be learned – Case studies from the frontline”, (Bernd Klose), “Recovering assets in Italy - Examining the processes” (Roberta Guaineri), and “Washing the fruits of financial crime in offshore locations” (Stephen Baker). Click on the links to download their presentations. Visit our Publications and Resources pages for more material on the same topics: Italy, Jersey, Madoff case, Ponzi schemes, Stanford Case, European Union, Criminal proceedings, Banking secrecy, Freeze orders, MLAT requests, Recognition and Enforcement of Foreign Judgments, Companies, Compliance, Abacha Case, Corruption, Trusts.
FraudNet members for Antigua & Barbuda Nicolette M. Doherty, of Nicolette M. Doherty, St John's, France Stephane Bonifassi, of Lebray & Associes, Paris, Liechtenstein Siegbert Lampert and Rudolf Schächle, of Lampert & Schächle Attorneys At Law Ltd, Vaduz, Nigeria Babajide Ogundipe, of Sofunde, Osakwe, Ogundipe & Belgore, Lagos, Russia Vasily Torkanovskiy of Ivanyan and Partners, Moscow, and the USA Edward H. Davis, of Astigarraga Davis, Miami, wrote chapters for the 2011 edition of Getting The Deal Through – Anti-corruption Regulation Guide . Click on the following links to download the chapters (Anti-Corruption Regulation in Antigua & Barbuda, Anti-Corruption Regulation in France, Anti-Corruption Regulation in Liechtenstein, Anti-Corruption Regulation in Nigeria, Anti-Corruption Regulation in Russia, Anti-Corruption Regulation in Trinidad & Tobago) or here for additional information or to purchase the book. Visit our Publications and Resources pages for more material on the same topics: Antigua & Barbuda, France, Liechtenstein, Nigeria, Russia, Trinidad & Tobago, Corruption.
Trevor Mascarenhas, of PCB Litigation LLP, London, FraudNet member for the United Kingdom wrote an article for the International Company and Commercial Law Review (ICCLR), Vol. 22, Issue 5, 2011, titled “Pursuing an International Fraud Claim”. Click here to read the article. Visit our Publications and Resources pages for more material on the same topics: United Kingdom, Fraud, Disclosure Orders, Freeze Orders, Multijurisdictional proceedings, Recognition and Enforcement of Foreign Judgments, Companies.
FraudNet members for the British Virgin Islands Martin S Kenney, of Martin Kenney & Co, Road Town, and Switzerland, Yves Klein, Switzerland Yves Klein, of Monfrini Crettol & Associes, Geneva, are co-authors of an article published in Business Law International's May 2011 edition, titled “Emergence of the Mareva by Letter: Banks Liability to Non-Customer Victims of Fraud”. Click here to download the article. Visit our Publications and Resources pages for more material on the same topics: British Virgin Islands, Canada, Switzerland, United Kingdom, USA, Mareva by letter, Director & third party liability.
FraudNet member for Scotland Douglas Milne, of Morton Fraser, Edinburgh, published a paper titled “The Bribery Act 2010”. Click here to download it. Visit our Publications and Resources pages for more material on the same topics: United Kingdom, Corruption.
FraudNet Member for Hong Kong Jeffrey H. Lane, of King & Wood, Hong Kong, published a Paper in China Law Insight titled “The UK Bribery Act of 2010 Will Have Widespread Implications for Global Companies” Click here to download it. Visit our Publications and Resources pages for more material on the same topics: United Kingdom, Corruption.
Vasily Torkanovskiy, of Ivanyan and Partners, Moscow, FraudNet member for Russia, contributed to the Russian chapter of ICLG: Business Crime 2011 Guide. Click here to download the article or here to read it on ICLG’s website. Visit our Publications and Resources pages for more material on the same topics: Russia, Business crime.
The presentations made at the C5 Fraud Asset Tracing & Recovery Forum, Geneva, by FraudNet members for the British Virgin Islands Elisabeth O'Brian, of Martin Kenney & Co, Road Town, Panama David M Mizrachi, Mizrachi, Davarro & Urriola, Panama city, Germany Bernd Klose, of kkforensic, Friedrichsdorf, Hamburg are now available for download : “Asset Tracing and Recovery in Offshore Hotspots” by Elisabeth O'Brian, “Asset Tracing and Recovery in Offshore Hotspot” by David M Mizrachi; “The Growing Conflict Between the State and the Estate: Are Victims Being Re-victimised?” by Elisabeth O'Brian; “Recent Developments in Insolvency Laws and the Impact on Fraud Actions” by Bernd Klose. Click on the links to download the presentations. Visit our Publications and Resources pages for more material on the same topics: Panama, Germany, British Virgin Islands, Insolvency, Forfeiture, Insolvency, Companies, Disclosure order, Freeze orders.
The presentations made at the 9th OffshoreAlert Conference, Miami, by FraudNet members for the British Virgin Islands Martin S Kenney, of Martin Kenney & Co, Road Town, and Costa Rica, Alejandro Pignataro, of Facio Abogados, San Jose, are now available for download : “The State vs. Insolvency Office Holders and Creditors’ Rights: ‘A Collision of Interests’” by Martin S Kenney; “State Immunity - The Common Law Approach as Exemplified by Great Britain & British Columbia, Canada” by Martin S Kenney; “Piercing of the Corporate Veil - Costa Rica” by Alejandro Pignataro.Click on the links to download the presentations. Visit our Publications and Resources pages for more material on the same topics: Costa Rica, Canada, United Kingdom, Insolvency, Forfeiture, Piercing the corporate veil, State Immunity.
FraudNet member for Italy Roberta Guaineri, of Studio Alberto Moro Visconti, Milano, made a presentation at GCM Parker's 2nd Annual Business Ethic Anti-Corruption & Fraud Prevention Strategies in CEE SEE & CIS on “Corruption in the international contest, according to the Italian law: personal and corporate criminal liability”. Visit our Publications and Resources pages for more material on the same topics: Italy, Corruption, Compliance.
The presentations and papers delivered on the occasion of the FraudNet Public Conference in Hong Kong and are now available for download: “Combating Corruption – the China Syndrome”, Guan Feng and Meg Utterbeck, of King & Wood, Shanghai; “International Asset Recovery Update" Steven Philippsohn, of PCB Litigation LLP, London, FraudNet member for the United Kingdom; “Asset Tracing Investigations in Asia - The Real Deal” David Holloway and Catherine Williams, FTI Consulting, Hong Kong. Visit our Publications and Resources pages for more material on the same topics: China, Hong Kong, United Kingdom, Investigations, Corruption.
FraudNet member for the United Kingdom Anthony Riem, of PCB Litigation LLP, London, co-wrote an article for the January-February 2011 issue of Financial Accountant, titled “Fraud and Insolvency”. Click here to read the article. Visit our Publications and Resources pages for more material on the same topics: United Kingdom, Fraud, Disclosure Orders, Freeze Orders, Insolvency.
FraudNet member for Austria Bettina Knoetzl, of Wolf Theiss, Vienna, published presentations on “Gefährliche Geschenke”, “Legal Risks im Unternehmen : Nur ein Risiko für Andere?”,"Mitarbeiter: Vertrauen gut, Kontrolle besser?” and “International Fraud and Asset Tracing”. Click on the links to download the slides. Visit our Publications and Resources pages for more material on the same topics: Austria, Corruption, Risk, Companies, Director & third party liability, Asset Tracing, Fraud, Money laundering.
FraudNet member for Austria Bettina Knoetzl, of Wolf Theiss, Vienna, edited and contributed to the 2nd edition of the Wolf Theiss Guide to: Dispute Resolution in Central, Eastern & Southeastern Europe. The guide is a valuable resource tool, providing a brief overview of the legal systems and dispute resolution processes in each of the following countries: Austria, Bosnia & Herzegovina, Bulgaria, Croatia, Czech Republic, Hungary, Kosovo, Romania, Serbia, Slovak Republic, Slovenia and Ukraine. In addition, the guide includes a table for each country outlining the main dispute resolution procedures with regard to litigation and preliminary injunctions, insolvency, arbitration, and the enforcement of foreign judgments and arbitral awards, as well as approximate duration and cost estimates. Click here to download the book. Visit our Publications and Resources pages for more material on the same topics: Austria, Bosnia & Herzegovina, Bulgaria, Croatia, Czech Republic, Hungary, Kosovo, Romania, Serbia, Slovak Republic, Slovenia, Ukraine, Arbitration, Civil proceedings, Cross-border insolvency, Disclosure orders, Freeze orders, Recognition and Enforcement of Foreign Judgments.
FraudNet member for Poland Jaroslaw Kruk, of Kruk and Partners, Warsaw, published papers on “White-collar crimes in Polish law” and “The role of the injured party in the Polish criminal procedure”. Visit our Publications and Resources pages for more material on the same topics: Poland, Business crime, Criminal proceedings.
FraudNet member for The Netherlands Kees van de Meent and Cathalijne van der Plas, of Hocker Advocaten, Amsterdam, published a paper titled “Asset Tracing in the Netherlands“.Click here to read the article. Visit our Publications and Resources pages for more material on the same topics: Netherlands, Asset tracing.
FraudNet members for Belgium Emmanuel Roger France, Tim Van Canneyt and Charles-Edouard André, of Field Fisher Waterhouse LLP, Brussels, published “Chronique de jurisprudence. Droit pénal des affaires (2007-2009)" in Revue de Droit Commercial Belge (R.D.C.) 2011/1. Visit our Publications and Resources pages for more material on the same topics: Belgium, Business crime.
FraudNet members for the USA Joseph J. Wielebinski, of Munsch Hardt Kopf & Harr P.C., Dallas, is the co-author, with the Honorable H. DeWayne Hale and Holland N. O’Neil, of a paper for the University of Texas School of Law’s 29th Annual Jay L. Westbrook Bankruptcy Conference titled “Dueling Proceedings Between Bankruptcy And Receiverships. Click here to read the article. Visit our Publications and Resources pages for more material on the same topics:USA, Insolvency.
Legal Developments
The Constitutional Court of Ukraine has recently adopted the decision by which it confirmed the lawfulness of the changes made to the Code of Criminal Procedure of Ukraine (Article 218) with regard to review of the criminal case files by the accused person and his/her criminal defense attorney. Among other things, the Constitutional Court emphasized that the accused person and his/her criminal defense attorney can not be limited in time while reviewing the criminal case file; however, if it becomes evident that such review is aimed at deliberate delay of the criminal proceedings, the investigator upon approval of the prosecutor or the prosecutor has the right to request the court to determine the term for review of the criminal case files. This court decision could be further appealed by the prosecutor, the accused or his/her criminal defense attorney within three days from the day when such decision was rendered.
By law, the decision of the Constitutional Court of Ukraine is final and obligatory for execution on the whole territory of Ukraine.
On December 13, 2011, the President of Ukraine has signed the Law on Amendments to Certain Legislation Acts on Humanization of Responsibility for Economic Crimes, which became effective since January 18, 2012. This Law, among other things, establishes decriminalization of particular economic crimes by changing them to the administrative offences that now are to be envisaged by the Code on Administrative Offences of Ukraine. More specifically, the crimes removed from the Criminal Code of Ukraine include, inter alia, avoidance of the profit return obtained in a foreign currency, illegal opening or using the foreign currency accounts abroad, concealment of financial insolvency, fictitious bankruptcy etc.
The Law also substituted criminal sanctions (i.e. imprisonment) for committing particular economic crimes with fines. This, in particular, relates to the following crimes: illegal activities with documents for money transfer, payment cards and other means required to access the bank accounts; tax evasion; illegal disclosure of information constituting the commercial and bank secrecy; fictitious business activities etc.
The Law also introduces changes to some procedural rules applied in criminal proceedings (i.e. detention, preventive measures, etc).
This Parliament’s decision has not become effective yet since it needs to be approved by the President of Ukraine. The President will approve or decline it by January 31, 2012. The sanctions for violation of personal data protection rules will be listed in the Criminal Code of Ukraine and the Code on Administrative Offences of Ukraine accordingly.
Protocol was ratified by Parliament on June 16, 2011 and became effective in Ukraine on January 1, 2012. Along with ratification of the above Protocol, Parliament introduced significant changes to the Code of Criminal Procedure of Ukraine with respect to international cooperation in criminal matters.
1 July 2011 – New Anti-Corruption Legislation Entered into Force
Law of Ukraine “On the Principles of Prevention and Counteraction of Corruption” was adopted by Parliament on April 7, 2011.The above law entered into force on July 1, 2011. Articles 11 and 12 of the above law (related to financial control and special verification of personal information of individuals applying for positions in the state or municipal authorities) will enter info force on January 1, 2012. Along with the above law, Parliament adopted a number of amendments to the Code of Criminal Procedure of Ukraine, Criminal Code of Ukraine, Code of Ukraine on Administrative Offenses and to the Law of Ukraine “On State Service” related to responsibility for violation of its provision to ensure its implementation.
Convention was ratified by Parliament on November 17, 2010 and became effective in Ukraine on June 1, 2011. The above Convention will replace Convention on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime in relations between the parties to it. Under Ukrainian law the Convention becomes a part of Ukrainian legislation.
10 May 2011 – Access to Public Information Law and the Revised Information Law entered into force
Law of Ukraine “On Access to Public Information” and revised Law of Ukraine “On Information” were adopted on January 13, 2011 and entered into force on May 10, 2011. The Public Information law, inter alia, sets forth definition of public information and provide for the right to request and receive such information from public authorities and other administrators, save for classified one (confidential, secret, for internal use) in prescribed by law instances.
9 March 2011 – Revised Enforcement Proceeding Law Entered into Force
New version of the Law “On Enforcement Proceeding” aimed to improve the entire process of enforcement was adopted by Parliament on November 4, 2010 and entered into force on March 9, 2011. The changes introduced relate, inter alia, to authority of the enforcement officers, opening of the enforcement proceeding, lodging a complaint against actions or failures to act of enforcement officers and increase of the enforcement fee.
1 January 2011 – Personal Data Protection Law Entered into Force
Law of Ukraine “On Personal Data Protection” was adopted by Parliament on June 1, 2010 and entered into force on January 1, 2011. The law provides for registration of personal databases in the State Registry of Personal Databases and establishment of the State Service of Ukraine on Personal Data Protection.
On the same date the Council of Europe Convention for the Protection of Individuals with regard to Automatic Processing of Personal Data and Additional Protocol to the Convention for the Protection of Individuals with regard to Automatic Processing of Personal Data regarding Supervisory Authorities and Transborder Data Flows became effective in Ukraine.
The Financial Services Authority (FSA) released a report on Banks’ management of high money laundering risk situations - How banks deal with high-risk customers (including PEPs), correspondent banking relationships and wire transfers (click the link to download the report). According to Tracey McDermott, Acting Director of Enforcement and Financial Crime at the FSA: “The review found that some banks appeared unwilling to turn away, or exit, very profitable business relationships, including with Politically Exposed Persons (PEPs), where there appeared to be an unacceptable risk of handling the proceeds of crime. Among other findings, three quarters of the banks sampled failed to take adequate measures to establish the legitimacy of the source of their customers’ wealth and the source of the funds to be used in the business relationship” (click here for the FSA press release). According to the Global Witness’ press release, ”Many of the failings identified by the FSA are the same as those it found ten years ago after £1 billion stolen from Nigeria by Sani Abacha came through London banks. This reflects terribly on the FSA’s softly-softly approach over the last decade, and makes it very clear why Egypt is now seeking the return of corrupt Mubarak funds from the UK. Neither dictatorship nor corruption can occur without banks willing to help” Visit our Resources and Publications pages for material on the same topics: United Kingdom, Compliance, Corruption, Money Laundering, Abacha Case, Mubarak Case. (from FraudNet member for Switzerland Yves Klein, of Monfrini Crettol & Associes, Geneva).
According to Transparency International (TI), Brazil is considered to be one of the countries that had the worst performance in regard of the ones that signed the OECD Anti-Bribery Convention. Just last year, Brazil had four surveys on this matter. Click here for the article (in Portuguese) and here for TI’s page on its Progress Report on the Enforcement of the OECD Anti-Bribery Convention (click the link to download TI’s 2011 report). Visit our Resources and Publications pages for material on the same topics: Brazil, Corruption (from FraudNet member for Brazil Antenor Madruga, of Barbosa Mussnich & Aragao Advogados).
31 March 2011 - Bribery Act 2010 Official Guidance Published
The Bribery Act 2010 is due to come into force throughout the United Kingdom on 1 July 2011. It consolidates the existing law and creates new offences. In particular, it is now an offence for a commercial organisation to fail to prevent bribery. Organisations which carry on business in the UK must ensure that they have adequate procedures in place. These procedures should be designed to prevent any associated person from undertaking conduct illegal under the Act and should be proportionate to the risks faced by the organisation in question. The Ministry of Justice has published updated guidance to assist commercial organisations: click here to view the guidance. Visit our Resources and Publications pages for material on the same topics: United Kingdom, Corruption. (from FraudNet member for Scotland Douglas Milne, of Morton Fraser, Edinburgh)
2 February 2011 - Initiation of RIAA forfeiture proceedings against the Duvalier assets
The Federal Council has asked the Federal Department of Finance (FDF) to initiate proceedings for the forfeiture of the Duvalier funds frozen in Switzerland, based on the Federal Act on the Restitution of Assets of Politically Exposed Persons obtained by Unlawful Means (RIAA), which entered into force on 1 February 2011. The Federal Administrative Court (FAC) will be in charge of these proceedings. Visit our Resources and Publications pages for material on the same topics: Switzerland, Corruption, Forfeiture, Duvalier Case. Click here for the press release (from FraudNet member for Switzerland Yves Klein, of Monfrini Crettol & Associes, Geneva).
The Federal Act on the Restitution of Assets of Politically Exposed Persons obtained by Unlawful Means (RIAA) has entered into force. The purpose of the RIAA is to facilitate the returning of assets frozen in Switzerland to so-called “failing states” following the failure of the process of international mutual assistance to produce a satisfactory result. Click here for the page of the Swiss Federal Department of Foreign affairs dedicated to potentate funds and containing links to the relevant laws and material (in English). Visit our Resources and Publications pages for material on the same topics: Switzerland, Corruption, Forfeiture. (from FraudNet member for Switzerland Yves Klein, of Monfrini Crettol & Associes, Geneva)
The Council of the European Union decided to freeze with immediate effect for a duration of twelve months any assets that might in Switzerland belonging to, or controlled by, former Tunisian President Zine El Abidine Ben Ali and his associates. The 31 January 2011 decision 2011/72/PESC, targeting only Ben Ali and his wife was amended on 4 February 2011 by the implementing decision 2011/79/PESC (OJ L 31, 5.2.2011, p. 40) and the Council Regulation (EU) No 101/2011 (OJ L 31, 5.2.2011, p. 1), to which a list of 48 targeted persons is attached. The regulation is based on article 215 of the Treaty on the Functioning of the European Union. Visit our Resources and Publications pages for material on the same topics: European Union, Tunisia, Corruption, Forfeiture, Ben Ali Case (from FraudNet member for Switzerland Yves Klein, of Monfrini Crettol & Associes, Geneva).
The Federal Council decided to freeze with immediate effect for a duration of three years any assets that might in Switzerland belonging to, or controlled by, former Tunisian President Zine el-Abidine Ben Ali and his associates (click here for the press release). Click here for the text of the 19 January 2011 order (in French), together with the list of more than 40 persons and entities targeted by the freeze order, which was amended on 4 February 2011 (here – in French). The order is based on Article 184.3 of the Swiss Constitution, on international relations, according to which “Where safeguarding the interests of the country so requires, the Federal Council may issue ordinances and rulings. Ordinances must be of limited duration”. Click here for the webpage of the Federal Department of Foreign Affairs on the Freezing of Assets in Switzerland at the behest of the Federal Council. Visit our Resources and Publications pages for material on the same topics: Switzerland, Tunisia, Corruption, Forfeiture, Ben Ali Case. (from FraudNet member for Switzerland Yves Klein, of Monfrini Crettol & Associes, Geneva).
17 January 2011 - Recovery proceedings against the assets of Paulo Maluf
Fraudnet members for Jersey Stephen Baker, of Baker and Partners, St Helier, and the United Kingdom Andrew Witts, Lawrence Graham, London, act on behalf of the Federal Republic of Brazil and Municipality of Sao Paulo in efforts to recover assets allegedly the proceeds of corruption of former Mayor of Sao Paulo Paulo Maluf held through Jersey. Disclosure orders were obtained against Jersey Financial Institutions. Proceedings have been instituted and the trial is due to be heard in January 2012. Visit our Resources and Publications pages for material on the same topics: Jersey, Brazil, Corruption, Maluf Case (from FraudNet member for Jersey Stephen Baker, of Baker and Partners, St Helier)
1 January 2011 - New Code of Penal Procedure
A new Code of Penal Procedure has entered into force, unifying the until then 26 different cantonal and federal codes of penal procedure. The law enhances the rights of the victim to participate in the investigation and introduces a formal plea bargaining procedure requesting an agreement with the victim on compensation. Click here for the text of the law. Visit our Resources and Publications pages for material on the same topics: Switzerland, Forfeiture, Criminal proceedings. (from FraudNet member for Switzerland Yves Klein, of Monfrini Crettol & Associes, Geneva)
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