On 17 July, Parkside’s Toby Brown delved into the ongoing arms race between fraudsters and companies in the context of asset tracing when he presented a CPD seminar at Dentons’ offices. Toby provided valuable insights into various online fraud schemes and underscored the importance of face-to-face verification to prevent CEO fraud.
- Voice Cloning Technology: He explored the sophistication of voice cloning technology and its potential to manipulate audio recordings in large financial transactions. The implications were potentially vast.
- Legal Challenges in Anti-Money Laundering: Toby also tackled the legal challenges surrounding the police’s power to freeze bank accounts in anti-money laundering efforts. He discussed some key highlights from a Court of Final Appeal case and its practical considerations for freezing bank accounts in urgent injunction applications.
In the context of using Letters of No Consent in asset recovery:
- Toby explained how the police’s use of letters of no consent can effectively freeze accounts and assist in the recovery of assets.
- Toby commented that although tracing money through multiple layers of companies was challenging, there were ways to expedite the process.
The seminar was engaging and nuanced and various thought-provoking questions were raised.
