Law enforcement authorities in the City of London are collaborating with international law firm Gowling WLG to launch a civil asset recovery program aimed at helping fraud victims recover their stolen assets.
The program will be available for select fraud cases where prosecution is either not feasible or viable.
This new initiative follows a successful pilot project, which assisted an elderly victim suffering from Alzheimer’s disease. The victim was swindled out of more than £2 million ($2.58 million) in a cryptocurrency scam. The partnership is seen as a significant step toward offering justice and relief to victims of fraud, particularly in cases where criminal prosecution is not an option.
In a statement, the City of London Police highlighted the growing issue of fraud in the UK, noting that the country lost over £570 million ($735.58 million) to fraud in the first half of 2024 alone. The new civil asset recovery initiative aims to mitigate these losses and offer victims a chance to reclaim what was taken from them.
Bríd Holden, Director at Gowling WLG, expressed optimism about the partnership, saying, “We are hoping that working in collaboration with City of London Police will change the landscape and encourage more victims to report fraud, raising awareness generally.”
The program not only allows victims to recover their losses, but it also empowers civil asset recovery agents to target and seize the assets of organized crime groups (OCGs). This dual approach aims to provide financial relief to victims while combating the underlying criminal enterprises responsible for the fraud.
Detective Chief Inspector Craig Mullish from the City of London Police explained, “A judicial outcome in the form of a custodial sentence and/or conviction is the ideal outcome, however, it’s the lost money or assets that can have a lasting effect on victims. This trial with Gowling WLG is a positive initiative, which we hope will provide a clear process for victims in helping them take back what is owed to them.”
As fraud cases continue to rise in the UK, this partnership provides an innovative solution for victims seeking restitution, helping them navigate the complexities of asset recovery in a rapidly evolving digital landscape.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/city-of-london-police-partners-with-law-firm-to-help-fraud-victims-recover-stolen-assets/