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The IMB aware of the escalating level of this criminal activity, wanted to provide a free service to the seafarer and established the 24 hour IMB Piracy Reporting Centre (PRC) in Kuala Lumpur, Malaysia.
A newsletter about fraud and global asset recovery from the office of International Chamber of Commerce's FraudNet. To read about key asset recovery cases and global compliance with anti-fraud and money-laundering laws, please click in the link above for the Newsletter PDF.
CCS offers a flexible membership arrangement based on the selection of predetermined membership packages. A prospective member can elect to join one or more Bureaux according to their requirements.
Losses due to official misconduct account for a great many maritime trade incidents. Each incident can be complex and wide-ranging in nature. It is therefore unlikely that any one company will have the knowledge and resources to be able to investigate it thoroughly.
Counterfeiting and piracy are a drain on our businesses and on the global economy. It has resulted in the widespread loss of lawful employment and a massive reduction of tax revenues.
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FraudNet Members in the News
FraudNet members often are invited to make presentations at conferences or publish articles on fraud-related issues. Members draw from their experiences working on shared joint cases, multi-jurisdictional cases and cases in their respective jurisdictions to provide unique perspectives and invaluable information.
CLICK ON THE TITLE TO DOWNLOAD ARTICLES, PAPERS OR PRESENTATIONS BY FRAUDNET MEMBERS:
8 October 2014-BVI Court Releases a $38 Million judgment in Unfair Prejudice Dispute Between Kyiv-Based Shareholders
8 October 2014-BVI Court Releases a $38 Million judgment in Unfair Prejudice Dispute Between Kyiv-Based Shareholders
8 October 2014-BVI Court Releases a $38 Million judgment in Unfair Prejudice Dispute Between Kyiv-Based Shareholders
8 October 2014-BVI Court Releases a $38 Million judgment in Unfair Prejudice Dispute Between Kyiv-Based Shareholders
8 October 2014-BVI Court Releases a $38 Million judgment in Unfair Prejudice Dispute Between Kyiv-Based Shareholders
8 October 2014-BVI Court Releases a $38 Million judgment in Unfair Prejudice Dispute Between Kyiv-Based Shareholders
8 October 2014-BVI Court Releases a $38 Million judgment in Unfair Prejudice Dispute Between Kyiv-Based Shareholders
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Robust Recovery Efforts
With seamless global transfers of funds, fraudsters can instantaneously steal and hide liquid assets inside financial institutions across the globe. Teams of well-funded, professional criminals are aided and abetted by cyber stealth and bank secrecy laws.
Time is of the essence when recovering assets. Setting up an ad hoc international team of asset recovery professionals in many jurisdictions can be time-consuming, ineffective and costly. Furthermore, fraud victims will find that fraud is a low priority for law enforcement, whose focus is on criminal punishment but not on reparation for the fraud victim. Law enforcement’s international reach is constrained by the formalities of international law, and most agencies lack the resources to quickly freeze assets before they are transferred beyond their jurisdiction.
Successfully combatting international fraud and corruption requires concerted, multi-jurisdictional expertise and decisive legal action by experienced professionals over and above traditional law enforcement.
FraudNet members can assist creditor-victims and estate fiduciaries (trustees, liquidators, etc.) with a growing number of litigation finance tools. Creative fee arrangements, including full and blended contingency arrangements and third-party financing, may be available to finance investigation and recovery efforts.
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Mobilized Team Approach
FraudNet’s lead lawyer begins by assembling a strategic multidisciplinary transnational team that includes asset recovery lawyers, investigators and forensic accountants from within the network.
The FraudNet team promptly organizes a forensic investigation and selects the optimum jurisdiction to commence court proceedings. The team moves quickly and diligently, using specialized disclosure, gag and seal and investigative orders (e.g., 28 USC 1782 and Anton Piller/Banker’s Trust orders). With their specialized arsenal of civil remedies, FraudNet lawyers can force third-party financial institutions hiding assets to covertly disclose critical information, without tipping off targeted fraudsters.
Other civil court orders grant FraudNet teams the authority to obtain documents and perform search and seizures to retrieve critical information for the investigation. In jurisdictions where civil remedies do not exist, FraudNet teams collaborate with law enforcement to freeze local assets and track assets in other jurisdictions for use in civil or criminal proceedings.
After successful investigation, the FraudNet team freezes the target’s assets across the globe in multiple, simultaneous civil court actions. FraudNet lawyers use injunctions or freeze orders to prevent fraudsters and their accomplices from selling or transferring assets before they can be liquidated to satisfy victims’ claims.
The team also pursues replacement assets and compensation from financial institutions and other professionals who may be held liable for breach of fiduciary and other duties under the law. This can include civil remedies, suing for damages in criminal proceedings or a blend of the two.
Robust Recovery Efforts
With seamless global transfers of funds, fraudsters can instantaneously steal and hide liquid assets inside financial institutions across the globe. Teams of well-funded, professional criminals are aided and abetted by cyber stealth and bank secrecy laws.
Time is of the essence when recovering assets. Setting up an ad hoc international team of asset recovery professionals in many jurisdictions can be time-consuming, ineffective and costly. Furthermore, fraud victims will find that fraud is a low priority for law enforcement, whose focus is on criminal punishment but not on reparation for the fraud victim. Law enforcement’s international reach is constrained by the formalities of international law, and most agencies lack the resources to quickly freeze assets before they are transferred beyond their jurisdiction.
Successfully combatting international fraud and corruption requires concerted, multi-jurisdictional expertise and decisive legal action by experienced professionals over and above traditional law enforcement.
FraudNet members can assist creditor-victims and estate fiduciaries (trustees, liquidators, etc.) with a growing number of litigation finance tools. Creative fee arrangements, including full and blended contingency arrangements and third-party financing, may be available to finance investigation and recovery efforts.
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The Power of One Global Network
FraudNet’s international reach transcends national boundaries. Members – all some of the world’s most respected law firms -- work together to pursue and recoup assets transferred across borders. This map shows their collaborative efforts.
For example, FraudNet members from the British Virgin Islands, the United States, Canada, the United Kingdom, Guatemala, Colombia and Switzerland collaborated on behalf of victims of the world’s second largest Ponzi scheme, the Stanford case. We bring to our clients and to law enforcement, the power of one global network.
While the map illustrates FraudNet’s reach, a long list of collaborative efforts have resulted in real world results in dozens of cases.
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