Publications for Asset Recovery Committee

When is a scam a fraud under Swiss criminal law?

In financial matters, there are numerous cases of scammers promising investors a high return in a short period of time. To target potential victims, scammers show boundless imagination and use all kinds of manoeuvres. They present themselves as providers of cutting-edge financial services, relying in particular on attractive subjects such as cryptocurrency. For Swiss criminal courts, however, there is an important and sometimes difficult distinction between a scam where the investor is the victim of a fraud and a high-risk investment based on aggressive promotional strategies.

Released on Apr 15, 2024

A dream come true: Black Swan freestanding orders are expressly made available in Cyprus

The implementation of the new Civil Procedure Rules in Cyprus, coupled with amendments in the legislature, make Black Swan freestanding orders a dream come true, adding to the tools available for asset recovery legal practitioners.

Released on Apr 15, 2024

Dispute resolution: redress and remediation in complex crypto litigation

Disputes involving crypto assets can have their own unique and sometimes novel challenges. To seek redress, litigants have had to rely on existing dispute resolution mechanisms and traditional legal remedies, with varying levels of success.

Released on Apr 15, 2024

The UK’s new failure to prevent fraud offence – should crypto firms brace for impact?

The United Kingdom recently introduced legislation which expands the scope of corporate criminal liability. The Economic Crime and Corporate Transparency Act 2023 (the Act) aims to strengthen the UK’s response to financial crime through an array of measures. For crypto firms, the primary touchpoints in the Act are the standalone provisions which concern crypto assets in Part 4. Those provisions are focused on the powers of UK law enforcement agencies to seize and recover crypto assets and enable the seizure and forfeiture of crypto assets believed to be the proceeds of crime, or which are connected to terrorism on reasonable grounds without first requiring a criminal conviction. This article, however, considers how the introduction in Part 5 of the Act of a new offence of failing to prevent fraud, that may have a wider impact on crypto firms and make it easier for criminal prosecutions to be brought against organisations.

Released on Apr 15, 2024

Seizure of Russian assets in Ukraine: in search of balance

As of now, it makes no sense to calculate the exact cost of damages inflicted by the aggression of the Russian Federation: every day brings millions, and sometimes even dozens of millions of dollars in material damages, along with non-material losses that cannot yet be accurately measured. It also makes no sense to rely on voluntary compensation from the Russian Federation. Therefore, under these circumstances, the only realistic source of funding to compensate Ukraine for the damage caused by aggression is frozen Russian assets. Over the last year and a half, the subject of their confiscation has been widely discussed, but progress has been more than modest.

Released on Apr 15, 2024

Book review: Invisible Trillions: How Financial Secrecy is Imperilling Capitalism and Democracy – and the Way to Renew Our Broken System

In his latest book, published on 31 January 2023 by Berrett-Koehler Publishers, Raymond Baker exposes the dark side of capitalism and how financial secrecy is undermining democracy and the rule of law.

Released on Apr 15, 2024

Proposed amendments to Switzerland’s anti-money laundering and sanctions framework

An article on proposed amendments to Switzerland’s anti-money laundering and sanctions framework by Matthias Gstoehl and Benoit Mauron.

Released on Mar 27, 2024

Editor's Note, August 2023

In the first issue of the newsletter, we focus on the latest judgments and trends in the world of asset recovery.

Released on Sep 7, 2023

Cryptocurrency – super asset or ‘cryptonite’?

How cryptocurrency is conceived of as property or asset and different jurisdictions’ approach to restraints, forfeitures and seizures. This article will discuss how Australia, the UK and the US have identified and categorised cryptocurrency as an asset or as property and the implications of that classification for regulatory and enforcement outcomes.

Released on Aug 28, 2023

Asset recovery in Pakistan: a call for international cooperation

There are substantial difficulties regarding asset recovery in Pakistan. Collaborations between global institutions, such as the United Nations Office on Drugs and Crimes (UNODC), the Financial Action Task Force (FATF) and INTERPOL, aim to curb this issue. Efforts to counter this problem include promoting national policies for tracing, seizure and confiscation of criminal assets, as well as enhancing operational cooperation and information sharing. This article will discuss the policy framework under the National Accountability Bureau Ordinance 1999 (‘Ordinance’).

Released on Aug 14, 2023

Obtaining the right evidence—the key to successful recovery in civil fraud litigation in England and Wales

The article discusses key applications available in England and Wales to obtain disclosure to assist with asset tracing and fraud claims.

Released on Aug 14, 2023

Asset recovery in cases of cross-border fraud in Polish law – new solutions and opportunities regarding bank liability

This article deals with the issue of recovering funds which are lost in connection with cross-border fraud, in particular, through the simultaneous conduct of criminal and civil proceedings, with particular emphasis on the possibility of holding the bank liable.

Released on Aug 14, 2023

The ‘Spanish Saga’ in the Antin case and beyond: award recognition and asset recovery in EU investment arbitration

The article discusses the impact of the High Court of London award in the Antin case in the context of the Achmea and Komstroy doctrines.

Released on Aug 14, 2023