The Fourth Edition of the ICC FraudNet Global Annual Report takes as its theme Fraud Frontiers: Emerging Threats and Innovative Solutions in Fraud and Asset Recovery. It builds on the network’s growing body of original scholarly and practitioner contributions in previous Reports since 2021 and provides unique cutting edge perspectives from the world’s leading fraud and asset recovery lawyers’ network. Fraud is said to be, at least in the UK, the crime we are all most likely to fall victim to. This was indeed the backdrop to the inaugural Global Fraud Summit held in London in March 2024. In an age where education about fraud risks is, or should be, highly prominent – this stark reality about its prevalence reminds us of the challenge in understanding fraud risks, the characteristics and methods of perpetrators, how to mitigate against fraud risks, and ultimately how to best navigate the complex world of asset recovery. With continuing conflicts and global tensions, as well as economic and political uncertainties, the backdrop to the 2024 Report is one beset by great volatility. As we saw with the global Covid-19 health pandemic, the relationship between such volatile circumstances and fraud continues to expand in scope and effect. The 2024 Report therefore comes at an important time, making a contribution to learning and knowledge which, it is hoped, shall be of great import as practitioners navigate these complex tides. The 2024 Report comprises some 25 original papers authored by 42 authors from some 20 jurisdictions. Many of the network have been, or are actively, involved in some of the highest profile and complex fraud and asset recovery cases. Their experience and insights make for highly instructive and informative reading.
The individually-authored papers in this Report aim to provide practically-relevant perspectives and therefore be of use and interest to the wider FraudNet and ICC networks, Strategic Partners, professional collaborators and colleagues, as well as current and future clients. In committing this contribution to the field, the Report seeks to provide greater understanding of emerging fraud and asset recovery challenges, as well as leading insights on best practices drawn from experience. It hopes to also offer solutions and innovations to tackle fraud and the challenges of asset recovery in different jurisdictions, and to help shape understanding and build knowledge in this increasingly complex, transnational subject matter. The Report addresses important themes including, but not limited to: the process of securing assets in fraud-based arbitrations; sanctions compliance and complexities of sanctions frameworks; the law and practice relating to secrecy orders; jurisdiction-specific insight on enforcement of foreign judgments; developments in anti-money laundering and counterterrorism financing standards; analyses of cybercrime and ransomware attacks; the role of law enforcement in asset tracing investigations; cryptocurrency fraud and virtual assets in asset recovery; use of artificial intelligence in investigations; as well as the widening scope of fraud legislation relevant to corporations. The report also offers expert perspectives on recent cases and the impact these are likely to have in the field. As with previous Global Annual Reports, the 2024 Report demonstrates the breadth of expertise in the ICC FraudNet network, as well as its international scope and reach. Contributing to the debate in the above topics is, perhaps, more important than ever given the transnational nature of fraud, its impact and its aftermath. We hope that readers of the 2024 Global Annual Report find those insights provided by FraudNet members, strategic partners and their professional collaborators to be insightful. It is hoped that the Report, much like its previous editions, continues to serve as a useful research and practice resource on a variety of interrelated subjects within this field.
Dr Dominic Thomas-James
Editor, ICC FraudNet Global Annual Report
