The ‘Crypto Fraud and Asset Recovery’ network (‘CFAAR’) has recently been formed by a group of industry-leading professionals, including Stewarts. The network aims to develop best practice for dealing with international cryptocurrency dispute resolution while establishing the UK and common law jurisdictions as the go-to arenas for crypto and fraud and asset recovery resolution. City AM, Law360 and the Global Legal Post have all publicised the launch.
Marc Jones, a partner in our Commercial Litigation, Fraud and Securities Litigation teams, says: “The commerciality and adaptability of English common law make it ideal for resolving the complex and fundamental legal issues that arise in crypto disputes.” He also warns that “the underlying technology is fiendishly difficult, rapidly changing and demands specialist expertise to support any legal effort”.
The CFAAR’s aims
CFAAR has been founded by eight leading law firms, chambers and organisations involved in the crypto field: Stewarts, Asset Reality, Essex Court Chambers, Grant Thornton, Osborne Clarke, Rahman Ravelli, RPC, and Twenty Essex. The new group pools expertise from individuals and teams that have pioneered global crypto fraud investigations and asset recovery and been involved in some of the first cryptocurrency-centric disputes in English litigation proceedings.
The network invites “global professionals in the crypto sphere” to become part of an “inclusive community that will host regular meetings, seminars, roundtables, conferences and social events to provide opportunities for developing skills, ideas and networks globally”. CFAAR will also act as an independent, authoritative body on judicial and regulatory reviews and consultations where cryptocurrency is involved.
Commenting independently on CFAAR’s launch, Lawrence Collins (former UK Supreme Court Justice) said:
“Where there is innovation, criminals are not far behind. The latest example is crypto fraud. Criminal enforcement is not a sufficient remedy for victims. The professions have to arm themselves to help clients who have been the victims of fraudsters who offer unbelievable returns in fake offerings or who create false crypto assets and false exchanges, and then hide the proceeds of crime through complex webs.
“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. CFAAR is uniquely placed to build networks to develop remedies to prevent exploitation and to assist victims.”
Future of the CFAAR
With idea sharing central to the group’s founding principles, the members of CFAAR will conduct regular member meetings to share best practice in what is one of the fastest evolving areas of the legal landscape.
The organisation will host an in-person launch event in London in October 2021.
For those wanting to register their interest in becoming a member of CFAAR, please visit the LinkedIn group “CFAAR – Crypto Fraud and Asset Recovery” by clicking here.
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