Kate McMahon has contributed a chapter to the 2022 ICC FraudNet Global Report, – The Ever-Evolving Nature of Fraud and Financial Crime: International Insights and Solutions. The second FraudNet Global report once again features articles on developments related to FraudNet’s practice area contributed by the insights of its members and Strategic Partners as well as leading academics engaged in research relating to economic crime, risk, financial regulation and compliance.
The second edition takes as its theme the ever-evolving nature of fraud and financial crime, its responses and solutions. The current global climate of uncertainty has generated cause for re-thinking the responses to financial crime as its methods evolve.
Kate’s chapter features in Part 5: Virtual Assets and is titled “To Regulate or Not to Regulate: Law Enforcement, Criminal Cartels and the Legitimisation of Cryptocurrency”. Kate examines the complex world of cryptocurrency, and considers some of the ongoing regulatory questions and developments affecting cryptoassets. With reference to recent and high-profile examples, her paper addresses some of the challenges and threats posed by virtual assets.
FraudNet is an international network of independent lawyers who are the leading civil asset recovery specialists in each country. FraudNet’s membership extends to every continent and the world’s major economies, as well as leading offshore wealth havens that have complex bank secrecy laws and institutions where the proceeds of fraud often are hidden.
Using sophisticated investigation and forensic tools and cutting-edge civil procedures, FraudNet members have recovered billions of dollars for victims of some of the world’s largest and most sophisticated global frauds involving insurance, commodities, banking, grand corruption and bankruptcy/insolvency. FraudNet members regularly act for government agencies and regulators in obtaining domestic and international recoveries for fraud victims.