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The challenge of globalized fraud
Sophisticated financial frauds are increasingly being perpetrated on unsuspecting victims across national boundaries. With seamless global transfers of funds, fraudsters can instantaneously steal, hide and transfer liquid assets inside financial institutions across the globe. They can plunder, then launder and distribute their illegal proceeds in multiple offshore locations, including secrecy havens.
Often, by the time the unwitting victim suspects a fraud has taken place, the trail has gone cold and the fraudsters have disappeared. Clearly, isolated victims are no match for teams of well-funded, professional criminals aided and abetted by cyber stealth and bank secrecy laws. And, fraudsters absolutely count on these factors to evade justice.
Fraud victims are often confused and not sure what to do next or who they can turn to for help. They will quickly find that fraud is a low priority for law enforcement, especially seeking compensation for the victims. Furthermore, to recover assets, time is of the essence, and setting up an ad hoc international team of asset recovery professionals in jurisdictions that are regarded by many as exotic more often than not proves to be an ineffective and costly nightmare.
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