Senior Partner at Baker & Partners, Stephen Baker, recently spoke at the second C5 Fraud, Asset Tracing and Recovery Asia conference in Hong Kong on overcoming asset protection strategies in key offshore jurisdictions. Baker & Partners also sponsored the conference, which saw over one hundred legal experts from across the globe share insights from their respective jurisdictions.
Stephen discussed offshore remedies to prevent the denial of justice to applicants in the face of asset protection strategies. His presentation examined Norwich Pharmacal / Banker’s Trust Orders which require a respondent to disclose certain documents or information to the applicant, and how they impact the compulsory disclosure of tax information between jurisdictions and between respondent and applicant.
He also gave insights into specific cases and legislation in Jersey and the UK, highlighting the Investigation of Fraud (Jersey) Law 1991, which overrules the secrecy oath taken by tax officers, and the recent case of Various Claimants v News Group Newspapers Ltd (2013), which looked at the disclosure of police documents from the phone hacking scandal.
Stephen Baker commented:
“Given the speed at which assets can be moved across the globe, it’s essential for legal practitioners to be constantly refining and sharing our knowledge to ensure judgment debtors cannot escape judgment with impunity. The C5 Asia Conference was the ideal opportunity for these conversations to take place. It was also an opportunity to showcase the work that Jersey has been doing in this area.”