CFAAR (Crypto Fraud and Asset Recovery), a global network launched by London law firms, is aimed at combating cryptocurrency fraud. The organisation intends to collaborate with digital asset professionals, as well as improve financial literacy among the public through workshops and social events.
The organisation established by an association of law firms is reportedly destined to make the UK a global centre for blockchain and crypto-related disputes, especially as the number of fraudsters in the field is on the rise.
The Crypto Fraud and Asset Recovery (CFAAR) network offers advice on crypto crime investigations and digital asset recovery to law enforcement agencies, acting as the industry’s representative in negotiations with the authorities. CFAAR was created through the combined efforts of eight founding law firms, including Grant Thornton, Asset Reality, Essex Court Chambers, Osborne Clarke, Rahman Ravelli, RPC, Stewarts and Twenty Essex.
The impetus for launching the initiative was the surge in crypto-related crimes, such as thefts through initial coin offerings (ICOs) or ransomware attacks.
“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,” noted a former UK Supreme Court Justice Lawrence Collins.
“Where there is innovation,” he explained, “criminals are not far behind. The latest example is crypto fraud.”
The new global network CFAAR, which is launched by eight London law firms, is there for us to combat cryptocurrency fraud. Today, the number of criminals in the crypto environment has skyrocketed, proving the initiative to be introduced just on time.
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