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Wednesday, 24 November 2021ManasaAverage rating1 vote
Thank you for participating in the IMB Chartering Experience Programme and sharing your recent chartering experiences.
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Test Article
Monday, 05 October 2020Average ratingPirates of Carribian
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FraudNet Members in the News 1
Thursday, 25 April 2019Average rating3 votes
FraudNet Members in the News
1. South Africa: Special Investigation Tribunal – asset recovery.
John Oxenham, Michael-James Currie and Charl van der Merwe of South African law firm Nortons Inc have written an article describing the establishment of a specialised Tribunal to assist in fast tracking asset recovery in South Africa. The Tribunal is seen as a positive step towards ending corruption in the area, helping to divert money from proceeds of crime back into the economy.Click here to view full article.
2. Corporate crime round-up
FraudNet member Greg Glynn provides a year-end review of developments around legislation in corporate crime for 2018.Click here to view full article.
3. Hide and Seek: Getting the better of sophisticated fraudsters
FraudNet member Greg Glynn co-authors an analysis of a recent legal decision in the English Commercial Court and considers its implications. In this case, the court granted a worldwide freezing order against ‘unknown persons’ to assist the victim of a sophisticated online fraud trace stolen monies across the globe and identify the fraudsters.Click here to view full article.
4. Recognition and Enforcement of Foreign Judgments in Mexico
In the State Bar of Texas International Law Section’s newsletter, FraudNet member Joe Wielebinski and FraudNet alternate member Alejandro Catala from Basham, Mexico City, have co-authored the last article, Recognition and Enforcement of Judgments in Mexico.Click here to view newsletter (PDF)
5. No quick fix remedy to tackle wilful defaulters
Fraudnet member Martin Kenny discusses wilful default cases, in which sophisticated and ethically-challenged borrowers claim to lose loan capital through legitimate loss-making activity by seemingly getting involved in arm’s-length trading counterparties hailing from one or more of the jurisdictions that recalcitrant debtors from India are drawn to.Click here to view the full article.
6. Brazilian Members Active in International Legal Strategies to Recover Assets.
FraudNet members for Brazil, Joao Accioly, of the Sobrosa & Accioly law firm in Rio de Janeiro; Antenor Madruga, Feldens Madruga law firm in Brasília; and Henrique Forssell, of law firm Krikor Kaysserlian Duarte e Forssell Advogados Associados, of Sao Paulo against fraud.Click here to view full article.
FraudNet members often are invited to make presentations at conferences or publish articles on fraud-related issues. Members draw from their experiences working on shared joint cases, multi-jurisdictional cases and cases in their respective jurisdictions to provide unique perspectives and invaluable information.
CLICK ON THE TITLE TO DOWNLOAD ARTICLES, PAPERS OR PRESENTATIONS BY FRAUDNET MEMBERS:
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ICC Commercial crime services - PRIVACY POLICY
Wednesday, 30 May 2018Average rating
This privacy policy sets out how ICC Commercial Crime Services (CCS) uses and protects any information that you give CCS when you use this website.
CCS is committed to ensuring that your privacy is protected. Should we ask you to provide certain information by which you can be identified when using this website, then you can be assured that it will only be used in accordance with this statement.
1. Who is collecting and responsible for your data
Our privacy policy applies to the personal data that the CCS collects, processes, stores and uses.
The term "CCS" or "us" or "we" refers to the owner of the website whose registered office is Cinnabar Wharf, 26 Wapping High Street, London, UK, E1W 1NG. The term "you" refers to the user or viewer of our website.
CCS controls how your personal data is collected and the purposes for which we use your personal data. CCS is the “data controller” for the purposes of the GDPR Regulation (EU) 2016/679 of 27 April 2016.
2. Legal basis for us to collect your personal data
We base the collection and processing of your personal data in order to legitimately run our daily business and being able to provide you with our services.
3. What personal data we collect
The term “personal data” relates to you and allows us to identify you. This may include, but not be limited to; your name, job title, organisation name you work for, type of organisation you work for, contact details including address, telephone number and email address.
4. How we collect your personal data
In most cases your personal data will be provided to us by yourself, when you send us an email request or by completing the forms on our website for our services, piracy reports or courses and conferences. Your data, may also be collected through references or when sent to us by your organisation as a business requirement for us to provide you with our subscription services.
5. Why we collect your personal data and how we will use it
We collect your personal data to aid in providing you with our professional services. These could include but not be limited to:
Our daily professional services to you
As a subscribing member of the CCS services, you are privileged to receive advise from the CCS family. This includes the International Maritime Bureau (IMB) on trade finance issues, the Financial Investigation Bureau (FIB) on financial crime and fraud, the Counterfeiting Intelligence Bureau (CIB) pertaining to the counterfeiting industry, the Piracy Reporting Centre (PRC) on alerts, incidents and reports pertaining to piracy and armed robbery at sea and FraudNet on legal insolvency asset recovery issues and access to FraudNet members. This information will be provided to you via the CCS secure portal or your email address.
Courses and conferences organised by the CCS
The CCS promotes information sharing and knowledge growth within its area of expertise. This is done by the organising of courses and conferences covering a range of topics related to commercial crime.
To communicate with you and manage our relationship with you
We will also use your personal data to contact you after you have sent us an email request, filled in a web-form through our website to receive reports or contacted us on social media. Your opinion is important to us, so we may send you an email to seek your feedback. We may use the information to improve our products and services. We may periodically send promotional emails about new products, special offers or other information which we think you may find interesting using the email address which you have provided. From time to time, we may also use your information to contact you by phone or email for market research purposes.
6. Sharing your personal data
In order to fulfil our business requirements, we will share your personal data, only within the CCS family. Your personal data will be held on hosted systems not owned by us. These systems are hosted within a third party’s premises within the EU. In addition, by the nature of the business we provide your personal data will be accessible to our software development subcontractors who act as data processors on our behalf. We have confidentiality agreements in place, which prohibit them from using distributing, selling your personal data for any purposes.
Courses and Conferences
If you are participating in our courses or conference, your personal data may be made available, on request and with your permission, to the speakers / other participants at the event.
Credit and debit card companies. CCS will require to share some of your personal data, which includes information about your method of payment to the service provider used for processing the payment.
Authorities. We may disclose your personal data when this is required by the law of any jurisdiction to which we may be subject unless this is expressly prohibited by EU Member State law or the law of an EU country to which CCS is subject.
CCS will never knowingly sell, distribute or lease your personal information to third parties. We may use your personal information to send you promotional information about third parties in our own newsletters which we think you may find interesting.
7. Security of your personal data
The CCS is focused on ensuring that your personal data is secure. To demonstrate our commitment to we have gained the required ISO 27001:2013 Information Security Management Accreditation and have put in place suitable physical, electronic and managerial procedures to safeguard and secure your personal data and prevent unauthorised access or disclosure.
8. Your rights
You have certain legal rights under the EU data protection legislation, which you can enforce against CCS. A summary of these rights is provided below. For complete information regarding your rights, please see the General Data Protection Regulation (Regulation (EU) 2016/679), sections 3–5.
Right of access. You are entitled to be informed as to whether CCS is processing personal data about you. If we are, you are entitled to information regarding, among other things, which personal data we are processing, the purposes of the processing, which external recipients have access to your personal data, and how long we save your personal data.
Right to data portability. You have a right to receive a copy of the personal data which you have provided to CCS, in a structured, commonly used, and machine-readable format. You also have the right to require that we transfer this personal data to another controller of personal data. The right to data portability applies to personal data which is processed in an automated manner and which is based on your consent or on an agreement to which you are a party.
Correction of erroneous data. You have a right to require that CCS corrects erroneous or incomplete information about you.
Deletion of certain data. You have a right to require CCS to delete your personal data under certain circumstances, for example where the personal data is no longer necessary for the purpose for which we collected it.
Right to object to CCS’s processing of personal data. You have the right, under certain circumstances, to object to CCS processing of your personal data.
Right to object to direct marketing. You have the right at any time to object to CCS processing your personal data for direct marketing purposes. If you object to such processing, CCS must discontinue all direct marketing to you without undue delay.
Right to restrict the processing of your personal data. You have the right to require CCS to restrict its processing of your personal data in certain circumstances. For example, if you have denied that your personal data is correct, you can request a restriction on the processing during a period of time which allows CCS to verify whether the personal data is correct.
Right to withdraw consent. If our processing is based on your consent, you have the right to withdraw your consent to our processing of your personal data at any time. Such withdrawal does not affect the lawfulness of our processing based on your consent before its withdrawal.
Complaints. If you have any complaints regarding CCS processing of your personal data, you are entitled to file such complaints with the Data Protection Authorities.
If you have questions in relation to your personal data or would like to submit a request for an extract from the register, data portability, correction, deletion, objection, restriction or withdrawal of consent, please contact us at: ccs@icc-ccs.org
9. For how long we process your personal data
We will retain your personal data for as long as we need it in order to fulfil our services and business needs as set out in this Privacy Policy. We may also save your personal data for a longer period of time where necessary in order to fulfil a legal obligation which requires processing by law or in order for us to be able to establish, enforce, or defend against legal claims.
10. How we use cookies or other tracking technologies
A cookie is a small file which asks permission to be placed on your computer's hard drive. Once you agree, the file is added and the cookie helps analyse web traffic or lets you know when you visit a particular site. Cookies allow web applications to respond to you as an individual. The web application can tailor its operations to your needs, likes and dislikes by gathering and remembering information about your preferences.
We use traffic log cookies to identify which pages are being used. This could help us analyse data about web page traffic and improve our website in order to tailor it to customer needs. We only use this information for statistical analysis purposes.
Overall, cookies help us provide you with a better website experience, by enabling us to monitor which pages you find useful and which you do not. A cookie in no way gives us access to your computer or any information about you, other than the data you choose to share with us.
You can choose to accept or decline cookies. Most web browsers automatically accept cookies, but you can usually modify your browser setting to decline cookies if you prefer. This may prevent you from taking full advantage of the website.
11. Transfers of personal data outside of the EU
Your personal data will be processed by our staff within the EU and by our staff in our branches in Dubai and Malaysia.
12. Updates to our Privacy Policy
CCS may change this policy from time to time by updating this page to reflect changes in the Data Protection Legislation. You should check this page from time to time to ensure that you are happy with any changes. This policy is effective from 20th May 2018.
13. Contact information
Questions, comments and requests regarding this Privacy Policy are welcomed and should be addressed to ccs@icc-ccs.orgCategories -
To Canada from Transparency International: Unmask Anonymous Owners of Companies & Trusts
Thursday, 22 December 2016Average rating6 votes
caylorl@bennettjones.com
www.bennett jones.comAddress
3400 One First Canadian Place
P.O. Box 130
Toronto, Ontario
M5X 1A4 CanadaTelephone
+1 (416) 777 6121Languages
English
To Canada from Transparency International: Unmask Anonymous Owners of Companies & Trusts
Canada is one of the world's most opaque jurisdictions when it comes to ownership of private companies and trusts, according to a new report by Transparency International Canada (TI Canada). In fact, more rigorous identity checks are required of individuals getting library cards than of private companies setting themselves up with anonymous beneficial owners.
The report was produced by Adam Ross, TI Canada's lead researcher on beneficial ownership transparency. Its key recommendation is that the government of Canada require all companies and trusts in the country to identify their beneficial owners and that it publish this information in a central registry accessible to the public in an open data format.
The report acknowledges that while beneficial ownership disclosure is not a silver bullet for the burgeoning problem of financial crime, it would be a major step forward in piercing the veil of secrecy that anonymously-owned shell companies and private trusts provide for a cornucopia of criminal activity. Under this highly instrumental “cover,” criminals hide the proceeds of fraud, corruption, and insider trading, while also evading government-imposed taxes and legal sanctions. For example, in Canada, nearly 70% of money laundering cases involve the use of beneficially-owned corporate structures, and the RCMP's success rate in pursuing money laundering is a fraction of what it is for other crimes. A suspect cannot even be identified in more than 80% of AML cases, and only a third of the cases that go to trial result in a conviction.
Although governments around the world appear to be recognizing the threats posed by under-regulated legal entities and arrangements, Canada is lagging. In 2014, Canada and the other G20 nations adopted 10 High-Level Principles on Beneficial Ownership Transparency. However, in 2016, the Financial Action Task Force – the global anti-money laundering authority that helped develop the principles – published an evaluation of Canada that was highly critical of the secrecy it affords corporate owners and called on the government to make beneficial ownership information accessible "as a matter of priority". Meanwhile, several G20 countries – including the UK, France, Australia and South Africa – have committed to establishing public registries of beneficial owners or taken concrete steps toward doing so.
Using specific case studies and original research into the luxury real estate property sector in Vancouver, TI Canada's report demonstrates how little is known about who truly owns Canadians companies, trusts, and the assets they control. TI Canada believes that an open, public registry will speed up investigations, save the government money, help the private sector meet its AML obligations, enable better investment and business decisions, and enhance public trust and confidence in the Canadian government.
TI Canada's full report, "No Reason to Hide: Unmasking the Anonymous Owners of Canadian Companies and Trusts" is available here.
Lincoln Caylor of Bennett Jones is recognized as a “leading counsel and commentator in the asset recovery field,” by Chambers Canada 2016, and is listed as a Most Highly Regarded Individual in North America by Who’s Who Legal: Asset Recovery 2016. The sole Toronto member of ICC FraudNet, he is internationally recognized for leading state-of-the-art asset tracing investigations and pursuing asset recovery litigation and enforcement actions in prominent, high-value international financial frauds and other economic crimes.
The author appreciates Grace McKeown’s contribution to this piece.
ICC FraudNet is an international network of independent lawyers who are leading civil asset recovery specialists in each country. Recognized by Chambers Global as the world’s leading asset recovery legal network, our membership extends to every continent and the world’s major economies, as well as leading offshore wealth havens that have complex bank secrecy laws and institutions where the proceeds of fraud often are hidden. Founded in 2004 by the Paris-based International Chamber of Commerce (ICC), the world’s business organization, FraudNet operates under the auspices of the ICC’s London-based Commercial Crime Services unit.Categories -
Freezing Debtor Bank Accounts Across the Continent in a Single Stroke: The European Account Preservation Order
Wednesday, 14 December 2016Average rating11 votes
vanderplas@hocker.nl
www.hocker.nlAddress
Van Eeghenstraat 98
Amsterdam 1071 GL
NetherlandsTelephone
+31 20 577 7700Languages
English, Dutch, German, French
Freezing Debtor Bank Accounts Across the Continent in a Single
Stroke:The European Account Preservation Order
Fraud victims and their legal counsel have gained an important, new tool for reaching across the Continent with a single ex parte order that will freeze bank accounts in multiple EU countries: the new European Account Preservation Order. Under the EAPO, with a single freeze order, courts in any member state may, as part of any civil or commercial proceeding, freeze a debtors’ bank accounts up to a specified amount, EU-wide, with the exception of opt-outs Denmark and the UK.
The new regulation only applies in cross-border cases where the bank account(s) to be “preserved” are maintained in an EU member state other than: 1) the member state of the court receiving the application for the Preservation Order or 2) the member state in which the creditor is domiciled. The EAPO is available as an alternative to instruments already existing under the national laws of member states.
To ensure a close link between the proceedings for the EAPO and proceedings on the underlying matter before the court, jurisdiction to issue this international freeze Order resides with the court exercising jurisdiction over the underlying dispute. This encompasses any proceedings aimed at obtaining an enforceable order on the underlying claim, including, for instance, summary proceedings to obtain restitution or payment.
Ex Parte Balancing of Creditor & Debtor Rights
Because the EAPO procedure is ex parte, debtors will not be informed of creditors’ applications, or be notified prior to the issue of the EAPO or its implementation. Obviously, the advantage of “surprise” is essential for the Order to be effective in freezing and preserving targeted bank accounts while adjudication is in process—or after a judgment has been obtained but is in the process of enforcement. At the same time, the ex parte nature of the EAPO comes with specific safeguards for debtors’ rights.
For example, when the court is not satisfied that freezing the account(s) in question is justified based on the evidence and information supplied by the creditor, an EAPO will not be issued. Furthermore, the Regulation allows the court to require creditors to provide collateral sufficient to ensure that the debtor can be compensated at a later stage in the proceeding for any damage caused by the EAPO.
Still another feature in the Regulation that strikes a balance between creditors’ and debtors’ interests is the provision for creditor liability in the case of any EAPO-related damage caused to the debtor by the creditor’s fault. EU member states additionally are permitted to maintain or introduce into their national laws grounds for creditor liability other than the ones specified in EAPO Regulation. (Conflict-of-laws provisions governing creditor liability favour the member state of enforcement, and when there are several states of enforcement, the state where the debtor is habitually resident).
Pre-Judgment Freeze Orders
One of the chief advantages of the EAPO, besides its simultaneous, ex parte reach across the continent, is the fact that it can be obtained long before the conclusion of proceedings on the underlying matter. In many EU member states, it is difficult or impossible under national laws to obtain an ex parte freezing order before the proceedings on the substance of the matter have been initiated--or during the proceedings but before final judgment has been rendered.
Yet under the EAPO’s implementing regulations, such an order can be obtained either prior to judgment on the substance of the matter or after such judgement has been rendered. When the creditor applies for an EAPO prior to obtaining a judgment, the court must be satisfied, based on the evidence submitted, that the creditor is likely to succeed on the substance of its claim. Furthermore, the creditor must demonstrate, either pre- or post-judgment, that its claim requires urgent judicial protection because without an EAPO, enforcement of an existing or future judgment is at risk of the debtor dissipating, concealing or destroying its assets (including disposing of them under-value, to an unusual extent, or through unusual action).
The mere non-payment or contesting of an underlying claim--or the mere fact that the debtor has more than one creditor--is not sufficient evidence of the degree of payment risk necessary to justify the issuing of an EAPO. The same goes for the mere fact that the financial circumstances of the debtor are poor or deteriorating. However, the court may take such factors into account in its overall assessment of risk to the creditor’s ability to be remunerated.
Using the 'Home' Court to Access Foreign Bank Account Info
Particularly worth mentioning is that the Regulation sets out a mechanism allowing creditors to petition the courts to secure debtor bank account information from the designated information authority of the member state(s) in which the creditor believes the debtor holds accounts. The creditor must substantiate why it believes that the debtor holds one or more accounts with a specified bank or banks in the specified member state(s), for instance, because the debtor works or conducts professional activities in the member state(s) or owns property there. The creditor also must provide the court all relevant information available to it about the debtor and the account or accounts to be preserved by the EAPO.
This new legal mechanism is intended to overcome existing obstacles to obtaining information about the whereabouts of a debtor’s bank accounts within a cross-border context. (In the Netherlands, bailiffs are the designated information authorities competent to obtain from banks domiciled in the Netherlands the information necessary to allow debtor's bank accounts to be identified.)
Balancing EAPO Effectiveness with Debtor Data Privacy
When foreign information authorities contacted by the competent court obtain the bank account information being sought, notifying the debtor of such disclosure shall be deferred for 30 days, in order to prevent such notification from jeopardising the effectiveness of the EAPO. Yet personal data protection for the debtor is also built into the process, with disclosure of bank account information limited to the requesting court, not the creditor.
Given the exceptional powers of this mechanism for accessing private and personal data across borders, it can only be employed when the creditor has already obtained an enforceable judgment. However, an exception to this exclusion can be requested if the amount to be located and protected is substantial, and if there is an urgent need for the account information due to a substantial risk of unenforceability of a pending judgment and a subsequent deterioration in the creditor’s financial situation.
Expectations for the new EAPO procedure are high because it should reduce the complexity and cost of pursuing debtor bank accounts across the EU. In many cases, the new Regulation will also make it possible to use the power of the courts to reach across the continent and override bank secrecy and personal data protections to identify debtors’ bank accounts wherever they are located. Hopefully, this will be an important step towards levelling the playing field between victims of fraud and perpetrators who hide their ill-gotten assets in EU banks.
Cathalijne van der Plas is an associate partner at Höcker Advocaten. Cathalijne’s practice is international in nature, consisting in large part of civil fraud and asset recovery matters.She also has extensive experience in international judgment enforcement matters.Furthermore, she is often called on by other lawyers to provide advice on complex private international law issues and represents parties in international commercial disputes, including in arbitration.
ICC FraudNet is an international network of independent lawyers who are leading civil asset recovery specialists in each country. Recognized by Chambers Global as the world’s leading asset recovery legal network, our membership extends to every continent and the world’s major economies, as well as leading offshore wealth havens that have complex bank secrecy laws and institutions where the proceeds of fraud often are hidden. Founded in 2004 by the Paris-based International Chamber of Commerce (ICC), the world’s business organization, FraudNet operates under the auspices of the ICC’s London-based Commercial Crime Services unit.Categories -
Canadian Court Finds Third-Party Funding Not Prima Facie Maintenance or Champerty
Friday, 09 December 2016Average rating12 votescaylorl@bennettjones.com
www.bennett jones.comAddress
3400 One First Canadian Place
P.O. Box 130
Toronto, Ontario
M5X 1A4 CanadaTelephone
+1 (416) 777 6121Languages
English
Canadian Court Finds Third-Party Funding Not Prima Facie Maintenance or Champerty
A recent decision by an appellate court in Canada has endorsed an important principle that could be seen to support third-party financing of commercial litigation. Since litigation finance remains relatively novel in many jurisdictions and the case law governing it continues to evolve, appellate opinions such as this are considered bellwethers.
The Manitoba Court of Appeal’s decision in Bjornsson v Smith provides Canada’s latest and most substantive appellate discussion of longstanding rules against maintenance and champerty in the litigation funding context. The Court’s reasoning that provision of financial support does not prima facie constitute an improper motive for participating in litigation may be influential in future adjudications involving claims of maintenance and champerty.
The Bjornsson Ruling
In Bjornsson, the Law Society of Manitoba paid damages to three innocent beneficiaries of a will as a result of the estate lawyer’s breach of professional duties, which included the misappropriation and conversion of trust property. The Law Society then obtained a release and assignment of the beneficiaries' interest in all causes of action arising from the misconduct, and assumed control of the ongoing litigation.
The estate lawyer sought to strike the action, in part, on grounds that it was funded by the Law Society and was therefore barred by the rule against maintenance and champerty. The lower court dismissed the lawyer’s motion. The Manitoba Court of Appeal subsequently upheld the lower court’s decision and dismissed the estate lawyer’s appeal.
It found that the Law Society had a legitimate interest in the litigation—namely, recovering its monies paid out as a result of the estate lawyer’s ethical breach. The court also found there was no evidence the Law Society had any improper motive.
Motive, the Court of Appeals held, is determinative of the question of whether a certain arrangement constitutes maintenance or champerty. It is only where there is improper motive on the part of a third party with regard to a matter in litigation that maintenance or champerty may be found and the third party excluded from participating in the litigation.
While determining exactly what constitutes improper motive may be some what ambiguous, the Court was clear that the provision of financial support to a lawsuit will not suffice. The Court of Appeal cited Professor McCamus' comments in The Law of Contracts (Toronto: Irwin Law, 2005 at pp 441-442) regarding what constitutes improper motive:In determining whether a particular arrangement amounts to maintenance or champerty, it is critical to find the presence of an improper motive... The mere fact that one is providing financial support to a lawsuit is thus not sufficient. It must be established that the party providing support does not have a legitimate interest in the outcome of the lawsuit. (at para 22)The court’s adoption of Professor McCamus' comments may have significant implications for the provision of third-party litigation funding in Canada. In particular, the affirmation by an appellate court that providing financial support to a lawsuit does not prima facie demonstrate improper motive is a positive finding for both funders and litigants.
Lincoln Caylor of Bennett Jones is recognized as a “leading counsel and commentator in the asset recovery field,” by Chambers Canada 2016, and is listed as a Most Highly Regarded Individual in North America by Who’s Who Legal: Asset Recovery 2016. The sole Toronto member of ICC FraudNet, he is internationally recognized for leading state-of-the-art asset tracing investigations and pursuing asset recovery litigation and enforcement actions in prominent, high-value international financial frauds and other economic crimes
The author appreciates David A. Cassin’s contribution to this piece.
ICC FraudNet is an international network of independent lawyers who are leading civil asset recovery specialists in each country. Recognized by Chambers Global as the world’s leading asset recovery legal network, our membership extends to every continent and the world’s major economies, as well as leading offshore wealth havens that have complex bank secrecy laws and institutions where the proceeds of fraud often are hidden. Founded in 2004 by the Paris-based International Chamber of Commerce (ICC), the world’s business organization, FraudNet operates under the auspices of the ICC’s London-based Commercial Crime Services unit.Categories -
Canada: Litigation Funding Report
Friday, 25 November 2016Average rating7 votescaylorl@bennettjones.com
www.bennett jones.comAddress
3400 One First Canadian Place
P.O. Box 130
Toronto, Ontario
M5X 1A4 CanadaTelephone
+1 (416) 777 6121Languages
English
Canada: Litigation Funding Report
I recently had the opportunity to participate in a roundtable centered on how litigation finance could enhance Canada’s legal market. The discussion, hosted by Bentham IMF, also touched upon the legal and ethical considerations found in litigation-funding matters.
While the litigation-funding model is relatively new in Canada, funders are diligently assessing the market for valuable cases.
It’s all about realizing whether litigation is an asset or a liability, depending on whether you’re making a claim or defending it. Once determined to be an asset, funding will be viewed by a greater number of larger corporations as a way to manage their litigation and get the risk off their balance sheets. This is what is happening in the U.S., Australia and the U.K.
Undoubtedly, litigation finance will change things for the legal market and law firms, especially in Toronto. Here, case size has to be pretty substantial -- $10 million to $15 million -- before funders would become interested. The benefit, though, to otherwise dormant litigation is that third-party litigation funding will allow these substantial cases to go forward.
Click here to review the white paper released by Bentham IMF including the roundtable’s findings.
Lincoln Caylor of Bennett Jones is recognized as a “leading counsel and commentator in the asset recovery field,” by Chambers Canada 2016, and is listed as a Most Highly Regarded Individual in North America by Who’s Who Legal: Asset Recovery 2016. The sole Toronto member of ICC FraudNet, he is internationally recognized for leading state-of-the-art asset tracing investigations and pursuing asset recovery litigation and enforcement actions in prominent, high-value international financial frauds and other economic crimes.
ICC FraudNet is an international network of independent lawyers who are leading civil asset recovery specialists in each country. Recognized by Chambers Global as the world’s leading asset recovery legal network, our membership extends to every continent and the world’s major economies, as well as leading offshore wealth havens that have complex bank secrecy laws and institutions where the proceeds of fraud often are hidden. Founded in 2004 by the Paris-based International Chamber of Commerce (ICC), the world’s business organization, FraudNet operates under the auspices of the ICC’s London-based Commercial Crime Services unit.Categories -
Nigeria Signs Agreement to Stop Siphoning of Funds and Curb Corruption
Monday, 26 September 2016Average rating11 votes
boogundipe@sooblaw.com
www.sooblaw.comAddress
7th Floor St Nicholas House
Catholic Mission Street
Lagos, NigeriaTelephone
+234 1 462 2501 /2Languages
English, French (written), Hausa, Ibibio, Ibo, Yoruba
Nigeria Signs Agreement to Stop Siphoning of Funds and Curb Corruption
Courtesy Bidness Etc.The Federal Government of Nigeria (FGN) recently reported that it had signed the Organisation for Economic Co-operation and Development (OECD) Multilateral Competent Authority Agreement (MCAA) and the exchange of inter-country reports.
With that action, Nigeria joins other countries that are forcing multinational companies to disclose their transfers of money from one country to another that has more favourable tax requirements. This mandate, in theory, will help revenue authorities know if a company is trying to avoid taxes and in doing so, causing economic harm to government coffers.
Upon making the announcement of the MCAA, Nigerian Information Minister Lai Mohammed reported that an estimated N1 trillion had been lost when multinational enterprises were able to easily shift their profits to other jurisdictions without disclosure.
The Agreement enables Nigeria to have access to country-by-country (CbC) reports on multinational enterprises (MNEs) operating within Nigeria, and thereby monitor transfer pricing and Base Erosion and Profit Sharing activities.
The steep decline in the price of crude oil, along with renewed disruption to production in the Niger Delta has provided increased incentive (if any was required) for the Nigerian tax authorities to seek to improve the assessment and collection of taxes on MNEs.
In addition, since the information that is shared under the MCAA includes details such as the name, address, Tax Identification Number and date and place of birth of Reportable Persons, account numbers and balances and, where accounts have been closed, information on the closure, such information could provide significant material to assist corruption investigations.
Babajide Ogundipe, co-founder of Sofunde, Osakwe, Ogundipe & Belgore in Lagos, Nigeria practices as a commercial litigator and conducts investigations into various different types of fraud and other misconduct on behalf of clients in the banking, insurance, petroleum, pharmaceutical and shipping industries. Ogundipe has also assisted numerous clients in the recovery of assets lost as a result of fraud and other misconduct and has been recognised as one of Nigeria’s leading asset-recovery lawyers.
The author would like to recognize his colleague Lateef O. Akangbe for co-authoring this article.
ICC FraudNet is an international network of independent lawyers who are leading civil asset recovery specialists in each country. Recognized by Chambers Global as the world’s leading asset recovery legal network, our membership extends to every continent and the world’s major economies, as well as leading offshore wealth havens that have complex bank secrecy laws and institutions where the proceeds of fraud often are hidden. Founded in 2004 by the Paris-based International Chamber of Commerce (ICC), the world’s business organization, FraudNet operates under the auspices of the ICC’s London-based Commercial Crime Services unit.Categories -
ICC Commercial Crime Services (CCS)
Monday, 19 September 2016Average rating4 votes
ICC Commercial Crime Services (CCS)
ICC Commercial Crime Services (CCS) is the anti-crime arm of the International Chamber of Commerce. Based in the UK, CCS’main task is to combat all forms of commercial crime.
CCS is a membership organisation and comprises three specialised Bureaux. These operate autonomously and offer its members a full range of resources. CCS members comprise the legal profession and law enforcement agencies, and companies engaged in international business, shipping, transport and trade, banking, insurance, intellectual property and information technology.
Categories
