What Is FraudNet?
Global network of lawyersRepresenting victims of fraud, corruption and
commercial crimeCreated at the initiative of the ICCTrace and recover money, assets and
proceeds of crime
International Chamber of Commerce
“The world business organization”Headquartered in ParisOffices in more than 70 countriesCommercial Crime Secretariat in London
The Need:
Fraud and corruption are pervasive, complicated and invariably cross national boundaries
This makes redress and recovery harderMoney moves faster than victims can without
sophisticated assistanceVictims do not know what to do, or who they can turn
to for helpFraud is a lower priority for law enforcement who
have to deploy scarce resourcesLaw enforcement’s focus is apprehension of
fraudsters, putting them out of business and imposing criminal sanctions
Our focus is asset recovery for fraud and corruption victims
The Plan:
Create an international network of lawyers that specialize in fraud and grand corruption cases, and focus on asset identification and recovery
The Result:
A 24/7 transnational, integrated, cohesive, vetted, experienced asset recovery rapid deployment force
Who is FraudNet?
57 members from 50 countriesAll leading practitioners in asset tracing and
recovery All members are immersed in fraud and
recovery jurisprudence and legislation
FraudNet’s Reach
Europe and Scandinavia
Austria Ireland FinlandBelgium Isle of Man NorwayUnited Kingdom Italy UkraineFrance Jersey CyprusGermany LiechtensteinGibraltar LuxembourgNetherlands SpainGreece SwitzerlandGuernsey Poland
FraudNet’s Reach
The Middle East, Asia and Africa
United Arab EmiratesIsraelHong KongIndiaPakistanNigeriaMauritius
FraudNet’s Reach
Western Hemisphere
Argentina PeruBahamas St Kitts and NevisBermuda MexicoBrazil UruguayBritish Virgin Islands USACanadaCayman IslandsChileCosta RicaGuatemalaPanama
FraudNet Membership Criteria
Strict criteria set by membersAdministered by Standards &
Procedures CommitteeOnly experts with a clear track record
are invited to joinExceptional timely serviceHighest ethical standards
FraudNet Track Record
FraudNet members have been retained around the world in corruption and fraud cases
Recoveries in the hundreds of millions of dollars for victims
Representative Cases for Governments
United KingdomTrinidad & TobagoAntigua & BarbudaGuatemalaNigeriaBrazilMaldives
Representative Multi-Jurisdictional Asset Recovery
Cases
PetroforteStanford Investment BankCDR/CohenBanco SantosTradex
The FraudNet Approach
• Stealth with Speed–Moving diligently –Gags & Seals– Investigative Orders–Coordination
The FraudNet Approach
StrategyManaging multi-jurisdictional cases
Where to bring proceedingsAccountability
FraudNet Approach
Specialized Tools28 USC 1782Anton Piller/Banker’s Trust OrdersUNCITRAL Ancillary Bankruptcy
ProceedingsMareva by LetterCivil Law Criminal ProceedingsMLATs
FraudNet’s Value
24/7 responsivenessLocal-point-of-contact service for victimsThe resource of a global network of
partners to investigate and take action against fraudsters in foreign jurisdictions
Increased odds of recoveryIn appropriate cases, assisting with
access to financial assistance in effecting recovery (third party funding, contingency fee structures, etc).
Training and technical assistanceSharing experiences and identifying
best practices
Additional Value
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