Crypto experts across the United Kingdom’s legal industry have announced the launch of the Crypto Fraud and Asset Recovery (CFAAR), a network aimed at providing redressal against crypto-related fraudulent activities.
The group includes a diverse range of professionals, such as “lawyers, barristers, forensic accountants, corporate intelligence and asset recovery experts.”
The launch of the CFAAR network is attributed to the rise in fraudulent activities involving theft, initial coin offerings and ransomware attacks. Through a united approach from legal experts, CFAAR’s team intends to “respond robustly and effectively” to crypto crimes and fraud by providing “the best possible means of redress.”
The founding members of the U.K.-based crypto legal team are Asset Reality, Essex Court Chambers, Grant Thornton, Osborne Clarke, Rahman Ravelli, RPC, Stewarts and Twenty Essex. The announcement stated:
“[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.”
While the network seeks further participation from crypto experts, it has clarified its intention to stand as “an authoritative and independent voice in crypto-related judicial and regulatory reviews and consultations.”
Citing this new launch, former Justice of the U.K. Supreme Court Lawrence Collins said:
“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.”
A recent report highlighted an oncoming rise in crypto scams, based on the statistics laid out by the City of London police and the Crown Prosecution Service (CPS). While the current findings suggest no immediate threat, the CPS estimates 86% of the total reported frauds to be cyber-related as citizens continue to opt for online services.
The report found that almost 21% of the 27,187 reported cybercrimes were related to cryptocurrency investments. However, the bigger picture shows that cryptocurrency-related crime amounts to just 0.6% of the total 822,276 fraud cases.