It is with great pleasure that we welcome you to the fourth edition of CDR Essential Intelligence: Fraud, Asset Tracing & Recovery. Peters & Peters Solicitors LLP has been delighted to serve again as the Contributing Editor to this comprehensive guide on the practice of global litigation in this critical sphere of work. The past 12 months have been difficult to quantify as both a return to normality and the theme of change dominated. In much of Europe, the UK and North America, COVID-19 and the dreaded lockdown have become a distant memory. We have moved on to new issues: the war in Ukraine; high energy prices; and the resultant cost-of-living crisis, to name a few. In Asia, however, we are only now seeing the abandonment of China's zero-COVID strategy and you, our dear reader, will probably know more than us about the results of this drastic policy change. COVID-19 had provided numerous opportunities for the fraudster with contracts fast-tracked by government departments, and generous loans offered with minimal oversight. A return to some normality has led to an uptick in investigations and litigation as governments and banks attempt to recoup their losses. As we all sat in lockdown the real beneficiaries were the technology companies that kept us connected with friends, family, colleagues and our finances. The digital communications sector has provided lucrative opportunities for fraudsters and the sophistication of attacks h as i ncreased. C ybersecurity h as b ecome our watchword as we observe the high numbers of ransomware a ttacks. G lobal c yberattacks i ncreased by 38% in 2022; however, the UK saw an increase of 77% and the US 57%. These sobering statistics also highlight that the areas most affected by attacks were government, healthcare and education/research. Cybercriminals have been on the march since COVID and are reaping the benefits of remote working by attacking business collaboration tools. They have also focused on areas which are data heavy, and can offer stark, real-world consequences from technology on the attack, such as in hospitals. The growth in digital finance offerings, the lack of regulation and the attraction of cryptocurrencies also ensnared many as they isolated. Indeed, since our last edition, cryptocurrencies have provided a neverending flow of fraud allegations, financial collapses and bankruptcies. The collapse of cryptocurrencies, as well as their fluctuating value, have sent shockwaves through the markets and highlighted the risks for the most honest investors, whether gullible, overt, optimistic or simply unlucky. Asset tracing investigations now routinely factor in cryptodiscoveries and attempt to trace their movements across the globe. In this often murky world, lawyers have had to develop new tools, ably assisted by the courts, to pierce the gloom and follow the digital money. The UK government's intention to regulate the cryptoindustry should also be a positive step for consumer protection, advocating greater transparency, certainty and improved safeguarding measures. In summary, the fraud, asset tracing and recovery landscape has never been busier. In PwC's Global Economic Crime and Fraud Survey 2022, 46% of organisations had experienced fraud in the past 24 months. However, this excluded the tech industry as two-thirds of the technology, media and telecommunications companies had experienced fraud. Of all the companies that experienced fraud, one in four experienced fraud in relation to the digital platforms that they use - a significant vulnerability. The intention of this publication is to provide a clear and comprehensive overview of the practice of fraud, asset tracing and recovery litigation in a number of countries around the world, working towards global innovation and best practice through the sharing of knowledge and expertise. We would like to take this opportunity to thank the tireless efforts of our contributing authors, who include some of the world's leading law firms, a wide range of expert practitioners, barristers' chambers and forensic accountants. Their generous contributions to this project have established an invaluable holistic picture of the international legal response to fraud and asset misappropriation, which we hope will be useful for our readers both now and for many years to come.

Table of Contents:
EXPERT ANALYSIS CHAPTERS 8 Latin America: part of the global picture Andrew Mizner Commercial Dispute Resolution 11 Hi Ho (Crypto) Silver: Has the sheriff finally ridden into town? Andrew Stafford KC, Calvin Koo & Timothy de Swardt Kobre & Kim 19 Crypto and forensics Mansi Mehta & Hakob Stepanyan BDO Cryptocurrency fraud and asset recovery 26 Syedur Rahman Rahman Ravelli 34 Insolvency and asset recovery in corruption matters Angela Barkhouse Quantuma 41 Why we make such a mess of financial crime compliance - lessons from regulatory inspections Nigel Webb Interpath 48 The English courts and international asset tracing Olga Bischof & Theodore Elton Brown Rudnick 56 Why the need for human investigators will always exist Olena Morozovska, Matt Taylor, Tom Stanley & Anastasia Beck K2 Integrity 62 Q&A with Joana Rego, co-founding partner at Raedas JURISDICTION CHAPTERS 67 Bermuda Keith Robinson, Kyle Masters, Sam Stevens & Oliver MacKay Carey Olsen 75 British Virgin Islands Alex Hall Taylor KC, Richard Brown, Tim Wright & Simon Hall Carey Olsen 87 Cayman Islands Sam Dawson, Denis Olarou & Peter Sherwood Carey Olsen 95 Cyprus Andreas Erotocritou & Elina Nikolaidou A.G. Erotocritou LLC 105 England & Wales Keith Oliver & Caroline Timoney Peters & Peters Solicitors LLP 117 Germany Dr. Michelle Wiesner-Lameth, Tabitha Schulze-Bunte & Sarah Landsberg act AC Tischendorf Rechtsanwalte Partnerschaft mbB Hong Kong 137 Dorothy Siron Zhong Lun Law Firm LLP India Nitya Jain, Abhilasha Khanna & Samudra Sarangi Panag & Babu 151 British Virgin Islands Alex Hall Taylor KC, Richard Brown, Tim Wright & Simon Hall Carey Olsen 75 Bermuda Keith Robinson, Kyle Masters, Sam Stevens & Oliver MacKay Carey Olsen 67 Cyprus Andreas Erotocritou & Elina Nikolaidou A.G. Erotocritou LLC 95 Guernsey David Jones, Simon Florance & John Greenfield Carey Olsen 127 161 Ireland John O'Riordan & Peter Bredin Dillon Eustace LLP 171 Japan Hiroyuki Kanae & Hidetaka Miyake Anderson Mori & Tomotsune 181 Jersey Marcus Pallot & T 181 abitha Ward Carey Olsen 189 Liechtenstein Moritz Blasy, Nicolai Binkert & Simon Ott Schurti Partners Attorneys at Law Ltd 195 Singapore Wendy Lin, Joel Quek, Jill Ann Koh & Leow Jiamin WongPartnership LLP 205 Switzerland Dr. Claudia Goetz Staehelin & Dr. Florian Baumann Kellerhals Carrard 215 United Arab Emirates Sara Sheffield, Max Davis, Peter Smith & Karl Masi Charles Russell Speechlys 225 USA Oren J. Warshavsky, Gonzalo S. Zeballos, Geoffrey A. North & Tatiana Markel BakerHostetler