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Challenges of Asset Tracing/Recovery

Updated: Jan 3, 2022


Bettina Knoetzl and Philip Marsch, Wolf Theiss Attorneys at law


CRIME MUST NOT PAY

In today’s global economy, corporations make use of the mobility of assets and funds by channelling and directing them within, out of and to different jurisdictions. While legitimate corporations aim at utilising legal benefits different jurisdictions have to offer, individuals with criminal energy capitalise on the gaps between individual jurisdictions to create their own systems for misconduct and – utilising the gaps in the systems of international judicial assistance – to hide the illegitimately achieved proceeds of their criminal actions, to the detriment of their victims. In short, such gaps hurt twice: first, by creating opportunity for fraudulent behaviour, and secondly, by complicating the recovery of assets for all individuals who are defrauded, as they, themselves, are committed to play by the rules (or in other words who are not ready to engage in “Mafia methods”).


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