Video: tracing and recovering assets — a strategic approach
Solving the fraud doesn’t mean recovering the money. Exact figures are hard to come by, but of an estimated £15bn in organised criminal revenues in the UK, only about £125m or 0.83 per cent were recovered by the authorities in 2009. The globalisation of business has brought with it the threat of attack from fraudsters and other organised criminals intent on the illegal acquisition of the assets and wealth that your business has created through its hard work and endeavours.
While some attacks are through stealth, pinpointing the weak spots in an organisation’s financial operations, others are overt, stealing expensive assets and often removing them outside of the jurisdiction and, in some instances, selling them on to unsuspecting buyers. The internationalisation of the money markets and electronic transfers has also helped the debtor conceal funds.
Your credit control processes may be unable to contact that debtor who appears to have ignored your invoices and disappeared. What can you do to recover your assets/cash lost through deliberate acts of theft and/or fraud? Are you resigned to writing the losses off or would you want to know what you can do to recover them, using existing legislation quickly and effectively? In this video, Mark Anderson, Will Kenyon and Lynne Rainey from forensic services discuss how public record research and forensic accounting expertise can help clients effectively trace and recover assets.
Click on the link below to watch the PwC video, or download the transcript.
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