A group of professionals has officially launched the CFAAR network with the purpose of advising people against illegitimate activities related to crypto.
The team includes lawyers, barristers, asset recovery experts, and many more professionals of different backgrounds. The launch of the network was a necessary step because of the increasing fraudulent affairs related to crypto like theft, hacker attacks, and initial coin offerings.
“[CFAAR] include practitioners leading the first crypto-related disputes before the English courts, as well as those actively involved in pioneering approaches to global crypto fraud investigations, forensics, advocacy and the tracing and recovery of crypto assets.”
The Crypto Fraud and Asset Recovery is based in the United Kingdom and its members of the crypto legal team are important names Asset Reality, Essex Court Chambers, Grant Thornton, Osborne Clarke, Rahman Ravelli, Twenty Essex, RPC, and Stewarts.
“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 cryptoassets and false exchanges, and then hide the proceeds of crime through complex webs.”
The team aims to “respond robustly and effectively” to cryptocurrency criminal and fraudulent activities. The network hopes for broader participation from other experts in the industry. Its intention is to be “an authoritative and independent voice in crypto-related judicial and regulatory reviews and consultations.”
“Criminal enforcement is not a sufficient remedy for victims. London has long been a pre-eminent financial and professional centre, but unfortunately it may also be turning into a centre for international financial crime.”