The third edition of the ICC FraudNet Global Annual Report takes as its theme “Fraud and Asset Recovery in an Unstable World”. The first and second Global Annual Reports (2021, 2022) were published during unprecedented times – both at the relative outset, and height, of the global Covid-19 health pandemic which has now, at the point of publication, been downgraded as such by the WHO. Yet, the global backdrop to the third annual Report is still beset by conflict, political instability and sustained economic uncertainty around the world. Underpinning this landscape is the sinister reality that fraud and associated acquisitive misconducts continue to thrive. The UK government, as an example, published in May 2023 its “Fraud Strategy” taking aim at reducing fraud by 10% on 2019 levels, by 2025. Indeed, at the time of writing legislation is currently making its way through the UK Parliament to create a corporate failure to prevent fraud offence. While fraud appears to be, if at least ostensibly, at the forefront of government agendas – the fact remains that fraud is complex, multifaceted, and even nebulous. With sustained uncertainty, one thing is certain: fraud continues to be the crime we are most likely to fall victim to, thereby making the 2023 ICC FraudNet Global Annual Report of timely importance.
The 2023 Report comprises original articles by FraudNet’s unparalleled global network of leading fraud and asset recovery lawyers, strategic partners, and associated collaborators from the investigative, consulting, advisory and academic worlds. The papers herein represent a unique contribution of knowledge to increasingly pertinent issues that continue to be at the forefront of international agendas. Displaying the network’s leading practices in the areas of fraud, asset recovery, insolvency, and investigations – the contributions exhibit expert insight from the authors’ respective jurisdictions and practices.
The 2023 Report, building on the success of the first two editions, comprises 28 original articles authored by 52 contributors, from some 20 jurisdictions. Many of the network have been involved in some of the most high-profile and complex asset recovery cases, and their experience makes for highly interesting and instructive reading. Papers share experiences from all corners of the world, including the following jurisdictions: UK, USA, Ireland, Guernsey, Malta, Hungary, Spain, Poland, Guatemala, Panama, Argentina, the Cayman Islands, the British Virgin Islands, Ghana, South Africa, Singapore, Malaysia, India, Luxembourg, and Japan.
Against the aforesaid backdrop, the Report addresses a wide range of important and timely topics in the fraud and asset recovery space. For example, in the Members Insight section, the Report includes analysis on issues including new legislative developments in fraud and asset recovery cases in the US; proceeds of crime laws in Ghana; cyber-crime case reviews from Argentina; freezing orders in South Africa; fraud litigation in Malaysia; asset recovery in Panama; virtual-asset regulation in Poland; and crypto-related enforcement and awards in Spain.
Elsewhere in the Report, we see discussions and insights from FraudNet’s Strategic Partners, as well as insights from academics and associated collaborators. Such discussions include the difference between evidence and intelligence in investigations; asset recovery tools in Ireland; civil recovery mechanisms such as Unexplained Wealth Orders in the UK; an analysis of the proposed corporate failure to prevent fraud offence; and developments in the psychology of fraud.
With a work of this kind, it is not possible to capture commentary on every possible issue of pertinence within our field; but rather the discussions in the papers reflect a wide range of interest areas, respective practices and perspectives of the distinguished authors. In deference to their various professional and academic disciplines, as well as differences in citation methods between jurisdictions, the editorial team has not attempted to impose a single style or form of citation.
These articles aim to provide informative, practically-relevant and instructive insights and therefore be of use to the wider FraudNet and International Chamber of Commerce network, Strategic Partners, professional collaborators and colleagues, existing and future clients, and those with a practical, policy or academic interest in these issues. At a time of increased global uncertainty, in order to advance integrity in our societies and systems, and to disrupt fraud and financial crime and repatriate ill-gotten gains, it has never been more important for practitioners and experts at the coalface to contribute their expertise, knowledge and thoughts to the debate. It is only with greater understanding of best practices and individual experiences, that solutions can be shaped, and responses be developed. In this sense, ICC FraudNet’s unparalleled international reach exhibits the utility of meaningful cooperation and collaboration. When fraud is increasingly transnational in nature, this is not only valuable, but essential.
Dr Dominic Thomas-James
Editor, ICC FraudNet Global Annual Report
