Sanctions, Fraud and Asset Recovery in a Turbulent World” – Elias Neocleous & Co LLC hosts 34th ICC Fraudnet Conference.

Hosted by Elias Neocleous & Co LLC in Limassol, Cyprus, the 34th ICC Fraudnet Conference and ensuing business meetings took place 5-7 May 2022. 

FraudNet is a worldwide network of independent lawyers who are the leading civil asset recovery specialists in each country.  Founded in 2004 by the Paris-based International Chamber of Commerce (ICC), ICC FraudNet operates under the auspices of the ICC’s London-based Commercial Crime Services unit. Membership extends to every continent and the world’s major economies, as well as to leading offshore wealth havens that have complex bank secrecy laws and institutions where the proceeds of fraud  are often hidden. ICC Fraudnet members are highly skilled and experienced in managing multi-jurisdictional cases and legal teams. They routinely coordinate legal proceedings in multiple jurisdictions. 

Elias Neocleous and Co LLC, and Partner, Costas Stamatiou are ICC Fraudnet’s exclusive representatives in Cyprus.

Fittingly, in a world rocked by the Covid 19 pandemic and the war in Ukraine, the theme of the 34th conference was: ‘Sanctions, Fraud and Asset Recovery in a Turbulent World’.  Certainly, the increasing use of sanctions regimes (sometimes conflicting) as a political weapon and the rising popularity of cryptoassets both as assets in their own right and as a means to evade sanctions gave the speakers and delegates plenty to explore and discuss.  Opening the conference, Costas Stamatiou, spoke on the topic of sanctions and on tackling fraud and asset recovery from a Cyprus perspective.  Other speakers ranging from as far afield as countries such as Mexico, Japan, Nigeria, Singapore, the British Virgin Islands and the USA considered subjects such as the difficulties surrounding asset recovery from ‘offshore’ jurisdictions, the impact of sanctions on creditor priority, the practicalities of managing a sanctioned entity such as Chelsea FC and, the importance of establishing legal and practical frameworks for the recovery of cryptoassets.

The conference and related meetings were attended by more than 80 members from around the globe who also, with their partners, enjoyed a networking Gala Dinner in Old Limassol.    

Elias Neocleous & Co LLC was delighted to host this successful event and also to be able to introduce the ICC Fraudnet delegates to some of the joys of Cyprus. For more information, please speak with Costas Stamatiou or your usual contact at Elias Neocleous & Co LLC.