New FraudNet book boosts fight against financial fraud

  • 3 November 2009

A new book by the ICC FraudNet highlights the limitations and opportunities of legal actions around the world to recover losses due to fraud. Criminal proceeds currently being recovered from fraudsters caught and prosecuted amount to a small percentage of the losses. The need for victims to get more back is acute.

The FraudNet World Compendium ‘Asset Tracing & Recovery’ is a 1,145-page tool that unlocks the tactics and techniques that will be needed, and educates readers how to introduce and implement the right procedures to redress the current large imbalance that exists between what is stolen and what is recovered.

It has been written by attorneys and investigators who know what they are doing in this complex field, and have the knowledge, experience and track record of success to back-up their advice. Through their membership of the ICC FraudNet network, the contributors have an international reach that transcends national boundaries and legislation.

One of leading practitioners in this area has commented that  this is one of the most useful books on asset tracing and recovery to be published for many years. It brings the current situation, and its effective resolution right up to date, and no attorney working in this field will want to be without a copy.

The book begins by looking at serious fraud, the size of the problem, the behaviour and operation of fraudsters, and their strengths and weaknesses. In this alone the book provides a hitherto unseen insight into the complex world of international financial fraud. Then it discusses the remedies that are now available internationally, covering international anti-money laundering instruments and examining the basics of international insolvency law, before focusing on the national law remedies available in over 40 countries.

David Marchant, the publisher of offshore Alert and one of the most highly respected journalists in the field of serious fraud investigation, says in his foreword to the book that it is of special importance in the ongoing fight to hit fraudsters in the pocket, where it hurts them most.

No one is immune from becoming a victim of financial fraud, but now, at last, with this book the legal teams employed to recover their losses have a much better chance of success.