One of the most common forms of fraud affecting businesses worldwide is Business Email Compromise (BEC).
Often based in Asia, BEC fraudsters are known to use a network of underground moneychangers to move stolen funds rapidly beyond the reach of victims.
When affected, victims need to match the speed of the criminals, acting across multiple jurisdictions and with the full set of legal tools necessary to trace, freeze and recover assets effectively.
There are many reasons why sovereign debtors can be challenging targets.
The right combination of high-pressure tactics, coupled with aggressive, creative, multijurisdictional strategies, can force sovereign debtors to take a seat at the bargaining table.
Here are specific examples of effective techniques from recent successful matters where legitimate claims were recovered against sovereign entities.
Rising cyber security breaches place global companies at risk.
The New York State Department of Financial Services (NYDFS) recently imposed new regulations requiring companies to certify compliance with their cybersecurity programs by February 15 of every year.
To prevent a breach, noncompliance or litigation, Chinese companies with U.S.-incorporated subsidies ought to ensure their programs comply with these new regulations.
The U.S. government has made its intentions clear that it will investigate and prosecute PRC-based companies and individuals that it believes employ illegal tactics to compete with U.S. companies in key sectors.
Future U.S. actions could come from any number of directions.
Whatever action comes next, a cross-border perspective and willingness to represent PRC-side clients against the U.S. government will be essential to an effective response.
Innovative Israeli technology companies are inherently disadvantaged when facing litigation against larger parties with deeper pockets.
Litigation funding can bridge the resource gap between smaller technology companies and the multi-national companies (MNCs) who may disregard their rights.
Litigation funding benefits smaller Israeli companies seeking to protect their rights. It also provides start-ups and growth-stage technology companies with the necessary resources to develop a strong case without being impeded by high costs.
A recent decision involving document disclosure in offshore courts presents an opportunity for PRC-based companies to obtain business intelligence.
This decision — which was made in the English Court of Appeal and will likely influence offshore jurisdictions and Hong Kong — has shed light on how nonparties can get copies of court documents, evidence, written arguments and judgments.
To leverage the opportunity effectively, local expertise of offshore court processes and this new decision, in addition to on-the-ground support in PRC, will be needed.
While a divorce for the ultra-wealthy might be local, monetizing the resulting judgment requires sophisticated cross-border expertise.
A timely, proactive and creative asset recovery strategy leads to more money faster.
Obtaining a court judgment against the recalcitrant debtor is just the start of a global game of chess in which experience, creativity and global reach are essential.
Bribery-related headlines have been swirling in Latin America in recent years, most recently in Argentina.
Cross-border cooperation among law enforcement authorities appears to be at an all-time high, with local Latin American authorities and U.S. regulators joining their enforcement efforts on large-scale corruption probes such as Operation Car Wash, which has amounted to billions (USD) in monetary penalties paid by those implicated.
Here are five ways to mitigate risks relating to the Foreign Corrupt Practices Act (FCPA) investigations in Latin America.
The web of U.S. sanctions across the globe is dynamic and complex, and it can affect companies doing business in any corner of the world, even those with limited ties to the U.S.
Inadvertent sanctions violations can be considered “egregious” by OFAC and subject violators to significant fines.
A new Multilateral Framework on Procedures in Competition Law Investigation and Enforcement (MFP) is being finalized.
Although the new MFP will not be binding on all enforcement regimes, the MFP’s compliance mechanisms should incentivize agencies to comply with the common commitments.
This announcement raises five key questions about the future of global antitrust enforcement.
Corporate directors and their counsel should understand the nuances of cross-border independent investigations, which can create pitfalls for even the most experienced corporate advisers.
Although the stated risks are common to many types of cross-border investigations, they can be unexpected for corporate advisers whose primary experience is U.S.-based.
Strategically navigating the pitfalls stated within is vital because the business judgment rule does not protect a board or a company from violations of the foreign laws discussed.
In recent history, investments originating from China have accounted for nearly a quarter of CFIUS reviews, with investments from the UK, Japan, Hong Kong, Israel and South Korea also among the most reviewed.
The U.S. has indicated it intends to more aggressively review and regulate foreign investment in industries that may implicate national security via the Committee on Foreign Investment in the United States (CFIUS), an interagency committee headed by the U.S. Department of Treasury.
While CFIUS is largely a voluntary regime, it is important for foreign investors to consider the potential implications of an investment in, or the purchase of, a U.S. company.
Recent judgments have provided victims with a new route to claim damages from third parties, and thereby widen the pool from which to make a recovery.
Claimants in numerous common law jurisdictions now can bring two new types of claims against associates of fraudsters who have assisted in the dissipation of assets after a freezing order or judgment has been obtained.
Creditors seeking to make recoveries against fraudsters based in offshore jurisdictions should consider these two new, but related, claims against third parties when developing their asset recovery strategy.
U.S. courts traditionally have been a generous forum for foreign judgment creditors.
A recent ruling from a New York state court has further broken down barriers for recognition of a foreign judgment in the U.S., even when the debtor is subject to a foreign insolvency proceeding.
The New York decision is part of a trend of U.S. courts rejecting "fairness" and "corruption" challenges to Russian courts' judgments. Similar challenges can be overcome with the aid of proper counsel.
