A group of law firms in London has launched a global crypto fraud and asset recovery network (CFAAR). According to Finextra reports, they aim to place the UK center stage for global disputes in the crypto industry
The Crypto Fraud and Asset Recovery, or CFAAR network, includes practitioners leading first cryptocurrency-related disputes within the English court system. Financial News includes names like Essex Court, Chambers, Asset Reality, Osborne Clark, RPC, Stewarts, and Twenty Essex.
With the rapid growth of the crypto industry, crypto-related frauds such as thefts, ICOs, and ransomware attacks have increased significantly. Governments worldwide are currently stepping up their efforts to strengthen crypto trading rules amid money laundering and tax evasion. The requirement for the legal industry framework that can successfully respond to such frauds is in request. These all legal services can help further the victims of such scams.
The CFAAR network seeks to become an authoritative voice.
Speaking about the CFAAR network launch, CFAAR’s launch former Justice of the UK Supreme Court 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 exchange, and then hide the proceeds of crime through complex webs.
Also Read: EU Proposes New Regulations For Transfers of The Crypto Assets
“London has long been a pre-eminent financial and professional center, but unfortunately, it may also be turning into a center for international financial crime. CFAAR is uniquely placed to build networks to develop remedies to prevent exploitation and to assist victims,” he added further.
