ICC sets up panel to aid fraud victims

The International Chamber of Commerce (ICC) is assembling a crack anti-fraud panel, tasked with offering advice to victims of commercial deception, money laundering and cybercrime.

The ICC’s commercial crime department said it was identifying and inviting suitable law firms from across the world to participate. The initiative, called Fraudnet, would especially help victims to prosecute fraudsters and recover lost property and money.

“Many fraud cases involve complex offshore havens. Successful prosecution and asset recovery requires expertise found in only a small number of legal firms,” said an ICC spokesperson. Fraudnet would help “speed up the process of tracking down fraudsters before the trail goes cold”.

ICC commercial crime services assistant director Peter Lowe said ICC had already had “significant interest and support” for the idea.