Recoveries for victims are in the billons of dollars. I am the Scottish member of Fraudnet, and therefore have first hand experience of seeing how effective the Fraudnet approach is. Fraud and corruption are pervasive, complicated and invariably cross national boundaries. Perpetrators take advantage of the difficulties which are created by borders, different legal systems, and the number of law enforcement agencies which can become involved.
This makes successful recovery harder, and what Fraudnet seeks to do is redress that balance. Money moves faster than victims can without sophisticated assistance, and victims often do not know to whom to turn for help. Understandably, law enforcement’s focus is the apprehension of fraudsters, putting them out of business and imposing criminal sanctions. The Fraudnet strategy allows multi-jurisdictional cases and legal teams to be managed, with rapid action twenty four hours a day, seven days a week around the globe. A key factor in the network’s success is our ability to determine where legal proceedings should be initiated, to maximise success.
Only with an in depth knowledge of domestic legal systems can the best advice be given as to how to make a recovery in a case which spans many jurisdictions. Fraudnet has sixty three members from fifty six countries, each member being a leading practitioner in fraud recovery and asset tracing. Becoming a member is not a simple matter of putting your name forward: candidates have to meet strict criteria, are vetted, and are interviewed to ensure that they have the necessary level of expertise to be able to help with the most complex of cases.