Baker & Partner’s Director of Regulatory services, Ed Shorrock, addressed delegates on 22 September 2014 at the second APEC capacity-building workshop on designing best models for prosecuting corruption and money laundering cases. The event was attended by members of Thailand’s National Anti-Corruption Commission, who hosted the event, the US Department of Justice, the FBI and public officials from the APEC area including China, Argentina, Australia, Chile, Brunei, Indonesia, Cambodia, Hong Kong and Vietnam.
Held over a three day period in Thailand, Ed spoke as the only representative of the offshore financial services sector on a panel dealing with means and techniques to identify and trace assets in corruption cases. With experience of some of Jersey’s highest profile corruption cases Ed covered areas including how to trace and identify assets which might be parked in offshore jurisdictions and how to get access to useful information through the use of Mutual Legal Assistance Treaties, domestic fraud laws, production orders and international co-operation laws. He also highlighted some of the vulnerabilities of corporate services providers and the complexity of offshore structures.
Finally, he left delegates with his top ten tips for obtaining effective international assistance and with the message that just because assets may have been sent offshore, it does not mean they are untraceable or unrecoverable.
With offshore financial centres being subject to ever greater scrutiny it demonstrated how seriously Jersey takes its role in assisting victim countries recover looted assets.