Fraud, Asset Tracing and Money Laundering Overview

A business which has been the victim of financial fraud or has been used as a channel for fraudulent transactions needs to get to grips quickly with the civil and criminal legal consequences which may follow. Suspicion of fraud may immediately raise issues of asset and data security, mandatory reporting, employment and insurance issues, as well as litigation exposure and reputational concerns. Immediate civil legal action may be desirable to secure assets which have been the subject of wrongful action. Our experienced team can deal strategically with the communications, insurance and employment issues, as well as anticipating and managing relations with interested law enforcement agencies.

Our team also has comprehensive experience in coordinating the tracing and recovery of assets worldwide including directing proceedings in a variety of jurisdictions. We work diligently at the great speed required for these cases, tackling structures and other obstacles put in the way of enforcement, and avail of our contacts in an international specialist network of law firms as necessary. We are also adept at advising in respect of cyber fraud and attack and can assist in the related fall out, both in terms of crisis management and recovery.

Our experienced team can also advise clients in respect of their duties in the prevention and detection of money laundering and the financing of terrorism.

Our work

• In a conspiracy claim by an Irish financial institution, secured orders in London and Delaware, including gagging orders, requiring disclosure in aid of the Irish proceedings; achieved very substantial recoveries in follow-on litigation in jurisdictions including Belize, Cyprus, Panama, Russia and India
• Obtained orders in Massachusetts for an Irish financial institution, barring an individual from bankruptcy discharge following fraudulent conduct in the bankruptcy proceedings
• Acted for investors in obtaining judgments of €12.8 million against an investment adviser who had operated a pyramid scheme, and who was subsequently convicted of multiple charges of theft and deception; along with coordinated asset recovery operations in Ireland, England, Jersey, France, Germany, Barbados and the United States
• Acted for a financial institution in securing contempt orders and orders for the sequestration of assets against defendants outside the European Union
• Acted for an Irish-based credit card transaction processing company in response to a large number of suspicious transactions presented by a merchant; dealt with card issuers; responded to civil claims; and coordinated a successful application by the Criminal Assets Bureau to freeze and seize the proceeds of the claimed transactions
• Acted for shareholders of a major Russian conglomerate in conspiracy proceedings in Ireland following a raider attack by defendants in Ireland, Russia, Cyprus and Bulgaria
• Acted for numerous corporates including financial institutions in regulatory enforcement proceedings (including the Central Bank’s administrative sanctions procedure)
• Acted for corporates in proceedings against former officers for negligence and breach of duty where it was alleged their acts or omissions caused company losses