Fraud, Asset Tracing & Recovery Geneva

As fraud schemes grow more sophisticated and financial crimes grow in complexity and scale, fraudsters are utilizing increasingly complex methods to acquire their ill-gotten gains. As such, traditional investigative methods are struggling to keep pace and the integration of artificial intelligence into investigative and asset recovery processes is rapidly transforming the landscape.

There are limitations and challenges with utilizing AI in fraud and financial crime investigations, so it is critical to gain a solid understanding of how to best utilize these tools to avoid errors and misdirected resources. Be sure to join us in this session as we examine best practices for utilizing AI-tools in asset recovery. Topics for discussion include:

• Techniques for enhancing due diligence and forensic accounting
• Challenges around data quality, legal admissibility, and algorithmic bias
• Digital forensics and decentralized finance transactions
• Best practices for expediting the process of cross-border asset tracing and recovery
• Integrating AI into a hybrid approach to combine the technology with human expertise:
  • Critical thinking
  • Result interpretation
  • Strategic decision making

As fraud continues to increase globally, it is critical to have a procedure in place for the confiscation of assets. In addition, practitioners must effectively collaborate with the law enforcement authorities to exercise due diligence in enabling effective value-based and conviction-based asset forfeiture.

Join us in this informative and interactive discussion, as our panel of experts discuss the:

• Type of authorities in several jurisdictions that are entitled to confiscate:
  • Criminal
  • Regulatory
  • Corporate
• Limitations when a corporation has generated profits through legitimate business activities; versus profit that is generated from corruption
• Methods that are used to determine the magnitude of the confiscation:
  • Profits generated
  • Costs to be accounted for
  • Extent of wrongdoing and fraudulent activity
• Procedures for the sharing of confiscated proceeds between jurisdictions
• Different types of resolution in these matters; and considerations for determining if there is still a place for trials in confiscation matters

Many fraudulent schemes involve corporations or financial institutions because most money transfers and trading still have to be done through large organizations and banks. These entities and their employees are, therefore, in a position that may enable them to spot and block or report suspected fraud. But what about civil liability for failing to spot potentially fraudulent behavior?

For many of these organizations there is the particular problem of the civil and criminal liability imposed on them for failing to spot fraud negligently (as opposed to deliberately). Do these organizations owe a duty of care not to execute the customer’s order if it knows the order to be dishonestly given, or shuts its eyes to obvious dishonesty, or acts recklessly in failing to make inquiries? Join us in this session as we discuss some of the scenarios in which corporations and financial institutions can be found liable for fraud, and the barriers to recovery. Topics for discussion include:

• Civil, regulatory and potential criminal liability
• The UK Failure to Prevent Fraud (FTPF) offence:
  • The scope of criminal liability for large organizations if an “associated person” (employee, agent, subsidiary) commits a fraud offence intended to benefit the organization:
  • Were the fraudsters actions intended to benefit the organization
  • The actual receipt of a tangible “benefit” is not required
• Defining if “reasonable fraud prevention procedures” are adequate and in place
• Limitations and restrictions on acquiring the necessary data to prosecute or open formal investigations
• Liability for actual and additional damages

Most victims of fraud are primarily concerned with how they can recover from the losses that they have suffered due to fraudulent activity. Unfortunately, there is often a sizeable gap between orders of restitution and what the victims are actually able to recover.

In many fraud cases, restitution may be ordered where victims of the fraud have suffered the loss of money or other tangible assets, but there are significant barriers in the way of being compensated. Join us as our panelists discuss how to overcome these barriers – including:

• Insolvency
• Jurisdictional hurdles
• Evidential challenges
• Difficulty in valuing and recovering exotic assets
• Issues with obtaining injunctive remedies in challenging jurisdictions

In an asset recovery case, it’s very important to identify the right tools to use; and gather all the pertinent information which more often than not lies outside the jurisdiction of the fraudster and the victim. The ability to identify and retrieve information from a wide array of sources which may be spread across numerous jurisdictions – and in different languages – is critical.

Join us in this unique and interactive session, as our speakers and attendees provide an international perspective on the biggest challenges they experience in fraud and asset recovery matters, including an examination of the different approaches taken to disclosure & discovery in Civil and Common Law jurisdictions.

• Bring your questions, as our experts address some of the most pressing and difficult challenges that confront fraud and asset recovery practitioners in complex matters, such as:
• Challenges in selecting the right forum(s) and venue(s) to prevent delay, gain momentum and improve chances of asset recovery
• Issues with obtaining and serving injunctive relief orders against unknown individuals and organizations
• What can be done to overcome a lack of cooperation between attorneys and enforcement authorities in the affected jurisdictions
• Handling the different approaches taken to disclosure & discovery in Civil and Common Law jurisdictions

As in previous years, many of the delegates and speakers at C5’s flagship Fraud, Asset Tracing & Recovery – Geneva conference will be heading off to Chamonix at the close of the C5 conference for what is now the highly anticipated, fun-filled après-conference ski weekend. Chamonix is approximately 45 minutes to an hour away depending on traffic. There is no hotel booked for the weekend, but many will reserve a room at Chamonix-Mont-Blanc. All are welcome—whether skiers or not as the weekend is a great way to continue the bonhomie of the C5 Geneva event. For further details, please email: Leonie Stevens ([email protected]) and Sandrine Souvannavong ([email protected])

*Please note that the ski trip is not included in the conference registration fee and is not organised or hosted by C5.