Five years have now passed since ICC Commercial Crime Services (CCS) launched the fraud prevention network known as FraudNet. With the fiftieth member recently coming aboard, this international association of lawyers and law firms specializing in fraud and asset recovery has both stood the test of time and now passed an important milestone.

Five years have now passed since ICC Commercial Crime Services (CCS) launched the fraud prevention network known as FraudNet. With the fiftieth member recently coming aboard, this international association of lawyers and law firms specializing in fraud and asset recovery has both stood the test of time and now passed an important milestone.

The value of this unique group and the skills offered by its members are particularly relevant in the current business climate where recent investment frauds such as those perpetrated by Madoff and Stanford are forefront in the minds of investors.

CCS Director Pottengal Mukundan stated, “Since its inception in 2004, FraudNet has been actively combating the global concern of fraud and asset recovery. FraudNet continuously introduces innovative methods of battling fraud. Using the combined strengths of a cooperative global network, FraudNet aggressively pursues and takes action against offenders worldwide. FraudNet has been a success since the beginning and we are pleased to see how broadly the network has grown.”

On 16 June 2004 an early core of eleven members held the inaugural meeting London. From the very start, it was clear that building relationships between member legal firms and regular meetings to remain abreast of global fraud developments would be a key feature of FraudNet. Meeting at frequent intervals has enabled members to exchange information about relevant cases and legal developments in their jurisdictions, strategies they have used to good effect, as well information on investigators and fraud accountants who they would recommend or avoid.

The diverse locations of FraudNet’s biannual meetings, held in Madrid, Monaco, Miami, Rio de Janeiro, Singapore, Washington, Buenos Aires, and Prague, demonstrate the true global nature of the network.

The FraudNet section of the CCS website, easily accessed by visiting www.icc-ccs.org, has been a valuable resource to the public. Averaging approximately six thousand visitors per month from around the globe, this tool is regularly updated with news, publications and resources relating to fraud protection and asset recovery. The website also features a private component where FraudNet members can exchange protected information used to assist their fraud reduction activities.

A new resource that FraudNet members are currently working on is the FraudNet World Compendium on International Asset Tracing and Recovery. This book will provide a detailed and comprehensive account of the legal procedures and remedies available across a wide range of different jurisdictions. The Compendium fills an important gap in the market and will be launched at a special conference in Munich on 2 October at the end of the legendary Oktoberfest celebration.

Now with 50 members in 43 countries, the FraudNet network has come a very long way in five years. However new members are still sought in a number of countries including China, Russia and Japan.  Fraud lawyers or law firms specializing in fraud and asset recovery interested in joining are encouraged to contact FraudNet by telephone at: +44 (0)20 7423 6960 or e-mail: fraudnet@icc-ccs.org