Research Handbook on International Financial Crime
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Research Handbook on International Financial Crime

Edited by Barry Rider

A significant proportion of serious crime is economically motivated. Almost all financial crimes will be either motivated by greed, or the desire to cover up misconduct. This Handbook addresses financial crimes such as fraud, corruption and money laundering, and highlights both the risks presented by these crimes, as well as their impact on the economy. The contributors cover the practical issues on the topic on a transnational level, both in terms of the crimes and the steps taken to control them. They place an emphasis on the prevention, disruption and control of financial crime. They discuss, in eight parts, the nature and characteristics of economic and financial crime, the enterprise of crime, business crime, the financial sector at risk, fraud, corruption, the proceeds of financial and economic crime, and enforcement and control.
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Chapter 58: The practical issues in tracing and freezing in the context of civil recovery proceedings

Peter Gray and Nooree Moola


Many of those unfamiliar with asset recovery assume that civil actions have little relevance in the world of financial crime. They assume that the recovery of assets is only carried out through cooperation of interested prosecutors bringing anti-money laundering actions in support of some foreign nation’s claim over assets in their jurisdiction. While international cooperation continues to improve, it remains the case that some jurisdictions are slow or unwilling to act on mutual legal assistance requests. The speed and diligence in pursuing any criminal claim is also out of the victim’s hands, unless of course the victim is a state. Civil actions can be the most effective, and sometimes the only, way to recover stolen assets. The most powerful weapons in the litigator’s armoury are freezing and search orders. Such orders are only known in the common law (excluding the United States), although in civil law countries, there may often be equally effective remedies. Many fraudsters rely upon international financial centres to dissipate and hold their ill-acquired wealth. Many of those, particularly Cayman Islands, British Virgin Islands (BVI), Channel Islands, Isle of Man, Hong Kong, Singapore and Dubai International Finance Centre (DIFC), are common law jurisdictions, broadly adopting and adapting the law of England and Wales. As such, this chapter focuses on English law. As civil law jurisdictions also play a significant role, French, German and Dutch law are also referred to.

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