City firms launch global crypto fraud network
updated on 26 August 2021
A global network for crypto-related fraud has been launched by a group of legal industry professionals, including lawyers from Osborne Clarke and RPC, barristers and forensic accountants.
The network – ‘Crypto Fraud and Asset Recovery’ (CFAAR) – was launched earlier this month to bring “together some of the world’s leading names in crypto disputes and advisory”, according to a statement made by RPC. It was created amid a rise in scams and aims to place the UK as the global centre for crypto dispute resolution.
The founding members of CFAAR are:
- Asset Reality;
- Essex Court Chambers;
- Grant Thornton;
- Osborne Clarke;
- Rahman Ravelli;
- RPC;
- Stewarts; and
- Twenty Essex.
Lawrence Collins (Rt Hon Lord Collins of Mapesbury, former Justice of the UK Supreme Court) commented on the launch: “Where there is innovation, criminals are not far behind. The latest example is crypto fraud. Criminal enforcement is not a sufficient remedy for victims. The professions have to arm themselves to help clients who have been the victims of fraudsters who offer unbelievable returns in fake offerings, or who create false crypto assets and false exchanges, and then hide the proceeds of crime through complex webs. London has long been a pre-eminent financial and professional centre, but unfortunately it may also be turning into a centre for international financial crime. CFAAR is uniquely placed to build networks to develop remedies to prevent exploitation and to assist victims.”
