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.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
Briefings from PwC
As Christmas approaches, it’s the time of year where corporate gifts are showered upon the favoured.
PwC was the headline sponsor at a conference with The Lawyer.