HomeBitcoinUK-based independent legal team to tackle international crypto disputes

UK-based independent legal team to tackle international crypto disputes

-

[ad_1]

Crypto experts across the United Kingdom’s legal industry have announced the launch of the Crypto Fraud and Asset Recovery (CFAAR), a network aimed at providing redressal against crypto-related fraudulent activities. 

The group includes a diverse range of professionals, such as “lawyers, barristers, forensic accountants, corporate intelligence and asset recovery experts.”

The launch of the CFAAR network is attributed to the rise in fraudulent activities involving theft, initial coin offerings and ransomware attacks. Through a united approach from legal experts, CFAAR’s team intends to “respond robustly and effectively” to crypto crimes and fraud by providing “the best possible means of redress.”

The founding members of the U.K.-based crypto legal team are Asset Reality, Essex Court Chambers, Grant Thornton, Osborne Clarke, Rahman Ravelli, RPC, Stewarts and Twenty Essex. The announcement stated:

“[CFAAR] include practitioners leading the first crypto-related disputes before the English courts, as well as those actively involved in pioneering approaches to global crypto fraud investigations, forensics, advocacy and the tracing and recovery of crypto assets.”

While the network seeks further participation from crypto experts, it has clarified its intention to stand as “an authoritative and independent voice in crypto-related judicial and regulatory reviews and consultations.”

Citing this new launch, former Justice of the U.K. Supreme Court Lawrence Collins said:

“Criminal enforcement is not a sufficient remedy for victims. 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.”

Related: UK prosecutor expects crypto scams to increase, but numbers remain low for now

A recent report highlighted an oncoming rise in crypto scams, based on the statistics laid out by the City of London police and the Crown Prosecution Service (CPS). While the current findings suggest no immediate threat, the CPS estimates 86% of the total reported frauds to be cyber-related as citizens continue to opt for online services. 

The report found that almost 21% of the 27,187 reported cybercrimes were related to cryptocurrency investments. However, the bigger picture shows that cryptocurrency-related crime amounts to just 0.6% of the total 822,276 fraud cases.

[ad_2]

Source link

LATEST POSTS

Cardano faces $1.60 resistance after ADA price hits 2-month highs

Cardano's ADA token came close to its highest in two months on Aug. 10 as daily gains neared 6%.Data from Cointelegraph Markets Pro and...

Teller Finance deploys mainnet on Polygon, migrates 2,200 NFTs

Teller Finance, a non-collateral lending protocol for the DeFi market, has officially deployed its mainnet on Polygon, marking a significant milestone in its quest...
[td_block_social_counter style="style8 td-social-boxed td-social-font-icons" facebook="tagdiv" twitter="tagdivofficial" youtube="tagdiv" custom_title="Follow us" block_template_id="td_block_template_11" border_color="#fbb03b" f_header_font_size="eyJhbGwiOiIyMCIsInBvcnRyYWl0IjoiMTgifQ==" f_header_font_weight="600" f_header_font_family="702" f_header_font_transform="uppercase" tdc_css="eyJwb3J0cmFpdCI6eyJkaXNwbGF5IjoiIn0sInBvcnRyYWl0X21heF93aWR0aCI6MTAxOCwicG9ydHJhaXRfbWluX3dpZHRoIjo3NjgsInBob25lIjp7Im1hcmdpbi1ib3R0b20iOiI0MCIsImRpc3BsYXkiOiIifSwicGhvbmVfbWF4X3dpZHRoIjo3NjcsImFsbCI6eyJtYXJnaW4tYm90dG9tIjoiMzAiLCJkaXNwbGF5IjoiIn19"]

Most Popular

spot_img