{"id":36207,"date":"2025-04-01T09:51:51","date_gmt":"2025-04-01T09:51:51","guid":{"rendered":"https:\/\/www.cdr-news.com\/cdr-essential-intelligence\/fraud-asset-tracing-recovery\/\/"},"modified":"2025-04-04T13:36:16","modified_gmt":"2025-04-04T13:36:16","slug":"looking-across-the-continent","status":"publish","type":"product","link":"https:\/\/www.cdr-news.com\/cdr-essential-intelligence\/fraud-asset-tracing-recovery\/looking-across-the-continent\/","title":{"rendered":"Looking across the continent"},"content":{"rendered":"

The European Union (EU) provides an overarching framework for asset tracing and recovery across the continent, but users warn that the difference between national legal systems creates blind spots, putting local knowledge at a premium.<\/strong><\/p>\n

In 2024, the EU\u2019s framework for tracing and securing assets was overhauled. \u00a0There are some advantages to chasing assets within Europe compared with other parts of the world, but because the EU combines differing legal traditions and systems, the system is not as unified as it could be.<\/p>\n

In 2024, the EU\u2019s framework for tracing and securing assets was overhauled.\u00a0 There are some advantages to chasing assets within Europe compared with other parts of the world, but because the EU combines differing legal traditions and systems, the system is not as unified as it could be.<\/p>\n

Enforcement pros and cons<\/strong><\/h2>\n

The main benefit to securing assets within the EU is the uniform recognition of judgments, explains Ciara Fitzgerald<\/strong>, a partner with Dentons<\/strong> in Dublin: \u201cYou can seamlessly use your automatic recognition procedure and not incur significant cost.\u00a0 So if you think there\u2019s a bank account in Spain, that\u2019s a lot easier than thinking there\u2019s a bank account in the British Virgin Islands for example, because you don\u2019t need to go through a formal recognition procedure.\u201d<\/p>\n

There are still challenges, due to differing approaches to documentation and freezing orders, alongside a few quirks of public policy, but overall there is a level of confidence that \u201cEU courts are going to be more receptive to EU judgments\u201d, Fitzgerald says.<\/p>\n

On the other hand, \u201cthe hardest part of it is the tracing piece\u201d she continues.\u00a0 \u201cIf you know what the asset is and you can prove who owns it, it\u2019s quite straightforward\u201d, but proving ownership can be a problem in some jurisdictions.\u00a0 \u201c[For example] it is very difficult to prove ownership of property in France.\u00a0 And then you are looking at third-party disclosure orders, and these things are all possible but they cost money and you\u2019re dealing with the procedure within that jurisdiction for doing that\u201d, making decisions about which assets to pursue as much a strategic as a legal consideration.<\/p>\n

Andreas Erotocritou<\/strong> of A.G. Erotocritou<\/strong> LLC<\/strong> in Cyprus agrees that when it comes to securing a satisfactory outcome, \u201cit\u2019s not about law, it\u2019s about the right strategy and doing your homework\u201d.<\/p>\n

\u201cThis means that you need to act fast, you need to have the right people and the right professionals cooperating with you in the jurisdiction.\u00a0 You need good planning because sometimes everything has to take place simultaneously\u201d, Erotocritou adds.\u00a0 \u201cThe legal framework is there, but it\u2019s not always enough.\u00a0 You have to ensure that all the actions necessary are done at the right time.\u201d<\/p>\n

Elina Nikolaidou<\/strong>, counsel at the firm, adds that the location of the assets is an important consideration.\u00a0 \u201cThe relationship between the EU [and the jurisdiction] also comes into play because when you are tracing assets you rely on the various pieces of the puzzle coming together to get the full picture of where the assets are ultimately found.\u201d<\/p>\n

Refreshed regime<\/strong><\/h2>\n

The EU\u2019s Recast Brussels Regulation gave states the power to issue protective measures and interim relief in aid of proceedings in other Member States and to provide for recognition and enforcement.<\/p>\n

April 2024\u2019s new EU Directive on Asset Recovery and Confiscation requires EU Member States to have instruments for the tracing and identification of criminal proceeds, the capability to freeze and confiscate assets and to seize unexplained wealth, as well as make plans to introduce a national asset recovery strategy by 2027.<\/p>\n

\u201cIt takes time to see the actual results practically, but we are optimistic that [the new Directive] will be very useful\u201d, says Erotocritou.<\/p>\n

Despite this, there are limitations on freezing assets in Europe.\u00a0 While Brussels Recast is very effective for locating assets, the application to freeze them is made under the law of the jurisdiction where it is located, so, for example, Irish law would apply to an Irish application and navigating that mix of laws is part of the challenge.\u00a0 \u201cIt is very asset dependent; it would be very difficult to get a freezing injunction in many jurisdictions in the EU without a proper nexus to that jurisdiction\u201d, Fitzgerald points out.<\/p>\n

Europe-wide receivership measures, such as the 2019 Directive on Insolvency, Restructuring and Second Chance, can also be used to offset some of these problems, \u201cbecause sometimes, even if you obtain a freezing order, that may not always be enough to ensure that the assets are in reality frozen and their values presented\u201d, says Erotocritou.<\/p>\n

Civil war<\/strong><\/h2>\n

There are also differing approaches to using documents, which highlights the clash between civil and common law in Europe, albeit that civil law dominates, now that the UK has left the EU, and Erotocritou predicts more of a drift towards civil law in the coming years as a result: \u201cI expect that in the years to come, EU law will not be that aligned with the common law system because the UK was scrutinising the EU legislation to ensure alignment\u201d, says Erotocritou.\u00a0 \u201cCyprus definitely doesn\u2019t have the resources and the capacity to ensure that this huge volume of EU legislation is aligned with common law and therefore I can see how small countries like Cyprus with common law systems gradually may have a mixture of civil and common law.\u201d<\/p>\n

To date, Nikolaidou points out, common law jurisdictions such as Cyprus have been able to rely on English case law to help them develop their approach.<\/p>\n

\u201cCyprus being a common law jurisdiction obviously differs quite a bit from most EU jurisdictions that are similar jurisdictions, but this offers us the comfort of being able to rely on the approach taken by the English courts.\u00a0 Decisions of English courts are of persuasive authority in Cyprus, so while we do have that distinction from other EU jurisdictions, we have that additional comfort coming out of the overlap between the Cyprus and the English jurisdictions.\u201d<\/p>\n

Fitzgerald highlights the differing approach taken in criminal investigations, saying: \u201cIn many civil law jurisdictions, there are really quite onerous restrictions when using documents from those criminal proceedings.\u00a0 You may have useful evidence used in another jurisdiction, and they may not be able [to use] that.\u00a0 So that can be a real challenge.\u201d<\/p>\n

On the other hand, the differences are not uniform.\u00a0 Ireland, a common law jurisdiction, also has restrictive rules which prevent documents obtained through disclosure from being used in other proceedings without special dispensation.<\/p>\n

Room for improvement<\/strong><\/h2>\n

The ability to use documents seamlessly across jurisdictions is just one proposal for improving the current regime, although as Fitzgerald acknowledges, this would create data protection issues.\u00a0 She also suggests the introduction of a more effective mechanism for disclosing the presence of assets within the EU.<\/p>\n

Erotocritou, meanwhile, would like to see European asset recovery tools concentrated into a single piece of legislation and set of powers.<\/p>\n

Regardless, the European asset tracing and recovery market stands to remain active in the current climate.\u00a0 \u201cWe see [an] increase year after year, living in such an unstable global environment\u201d, says Erotocritou.\u00a0 \u201cThere are new sectors, new activities these days, [such as] crypto and other novel types, and this novelty sometimes gives an incentive to fraudsters to explore any gaps.\u201d<\/p>\n

\u201c[Asset tracing] becomes more complex as times evolve because fraudsters have all these additional tools and additional means, including decentralised markets, crypto wallets and so on.\u00a0 That makes identifying the assets even more difficult.\u00a0 Our jobs are just going to get harder when it comes to asset tracing and recovery\u201d, Erotocritou concludes.<\/p>\n","protected":false},"excerpt":{"rendered":"

The European Union (EU) provides an overarching framework for asset tracing and recovery across the continent, but users warn that the difference between national legal systems creates blind spots, putting local knowledge at a premium. In 2024, the EU\u2019s framework for tracing and securing assets was overhauled. \u00a0There are some advantages to chasing assets within […]<\/p>\n","protected":false},"featured_media":0,"parent":36179,"template":"","meta":{"inline_featured_image":false},"product_brand":[],"product_cat":[3223],"product_tag":[],"class_list":{"0":"post-36207","1":"product","2":"type-product","3":"status-publish","5":"product_cat-fraud-asset-tracing-and-recovery","7":"first","8":"instock","9":"downloadable","10":"virtual","11":"taxable","12":"purchasable","13":"product-type-simple"},"yoast_head":"\nAsset Tracing & Recovery 2025 | Looking across the continent<\/title>\n<meta name=\"description\" content=\"This article examines the EU's overhaul of its framework for tracing and securing assets, discussing its benefits and where room remains for improvement.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.cdr-news.com\/cdr-essential-intelligence\/fraud-asset-tracing-recovery\/looking-across-the-continent\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Asset Tracing & Recovery 2025 | Looking across the continent\" \/>\n<meta property=\"og:description\" content=\"This article examines the EU's overhaul of its framework for tracing and securing assets, discussing its benefits and where room remains for improvement.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.cdr-news.com\/cdr-essential-intelligence\/fraud-asset-tracing-recovery\/looking-across-the-continent\/\" \/>\n<meta property=\"og:site_name\" content=\"CDR News\" \/>\n<meta property=\"article:modified_time\" content=\"2025-04-04T13:36:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.cdr-news.com\/wp-content\/uploads\/2025\/04\/EA_Commercial-Dispute-Resolution.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"1200\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@CDR_Magazine\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.cdr-news.com\/cdr-essential-intelligence\/fraud-asset-tracing-recovery\/looking-across-the-continent\/\",\"url\":\"https:\/\/www.cdr-news.com\/cdr-essential-intelligence\/fraud-asset-tracing-recovery\/looking-across-the-continent\/\",\"name\":\"Asset Tracing & Recovery 2025 | Looking across the continent\",\"isPartOf\":{\"@id\":\"https:\/\/www.cdr-news.com\/#website\"},\"datePublished\":\"2025-04-01T09:51:51+00:00\",\"dateModified\":\"2025-04-04T13:36:16+00:00\",\"description\":\"This article examines the EU's overhaul of its framework for tracing and securing assets, discussing its benefits and where room remains for improvement.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.cdr-news.com\/cdr-essential-intelligence\/fraud-asset-tracing-recovery\/looking-across-the-continent\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.cdr-news.com\/cdr-essential-intelligence\/fraud-asset-tracing-recovery\/looking-across-the-continent\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.cdr-news.com\/cdr-essential-intelligence\/fraud-asset-tracing-recovery\/looking-across-the-continent\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.cdr-news.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Shop\",\"item\":\"https:\/\/www.cdr-news.com\/shop\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Fraud, Asset Tracing & Recovery 2025\",\"item\":\"https:\/\/www.cdr-news.com\/cdr-essential-intelligence\/fraud-asset-tracing-recovery\/\"},{\"@type\":\"ListItem\",\"position\":4,\"name\":\"Looking across the continent\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.cdr-news.com\/#website\",\"url\":\"https:\/\/www.cdr-news.com\/\",\"name\":\"CDR News\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\/\/www.cdr-news.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.cdr-news.com\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.cdr-news.com\/#organization\",\"name\":\"CDR News\",\"url\":\"https:\/\/www.cdr-news.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.cdr-news.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.cdr-news.com\/wp-content\/uploads\/2024\/09\/cdr_logo_header-1.svg\",\"contentUrl\":\"https:\/\/www.cdr-news.com\/wp-content\/uploads\/2024\/09\/cdr_logo_header-1.svg\",\"caption\":\"CDR News\"},\"image\":{\"@id\":\"https:\/\/www.cdr-news.com\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/x.com\/CDR_Magazine\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Asset Tracing & Recovery 2025 | Looking across the continent","description":"This article examines the EU's overhaul of its framework for tracing and securing assets, discussing its benefits and where room remains for improvement.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.cdr-news.com\/cdr-essential-intelligence\/fraud-asset-tracing-recovery\/looking-across-the-continent\/","og_locale":"en_US","og_type":"article","og_title":"Asset Tracing & Recovery 2025 | Looking across the continent","og_description":"This article examines the EU's overhaul of its framework for tracing and securing assets, discussing its benefits and where room remains for improvement.","og_url":"https:\/\/www.cdr-news.com\/cdr-essential-intelligence\/fraud-asset-tracing-recovery\/looking-across-the-continent\/","og_site_name":"CDR News","article_modified_time":"2025-04-04T13:36:16+00:00","og_image":[{"width":1200,"height":1200,"url":"https:\/\/www.cdr-news.com\/wp-content\/uploads\/2025\/04\/EA_Commercial-Dispute-Resolution.png","type":"image\/png"}],"twitter_card":"summary_large_image","twitter_site":"@CDR_Magazine","twitter_misc":{"Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.cdr-news.com\/cdr-essential-intelligence\/fraud-asset-tracing-recovery\/looking-across-the-continent\/","url":"https:\/\/www.cdr-news.com\/cdr-essential-intelligence\/fraud-asset-tracing-recovery\/looking-across-the-continent\/","name":"Asset Tracing & Recovery 2025 | Looking across the continent","isPartOf":{"@id":"https:\/\/www.cdr-news.com\/#website"},"datePublished":"2025-04-01T09:51:51+00:00","dateModified":"2025-04-04T13:36:16+00:00","description":"This article examines the EU's overhaul of its framework for tracing and securing assets, discussing its benefits and where room remains for improvement.","breadcrumb":{"@id":"https:\/\/www.cdr-news.com\/cdr-essential-intelligence\/fraud-asset-tracing-recovery\/looking-across-the-continent\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.cdr-news.com\/cdr-essential-intelligence\/fraud-asset-tracing-recovery\/looking-across-the-continent\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.cdr-news.com\/cdr-essential-intelligence\/fraud-asset-tracing-recovery\/looking-across-the-continent\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.cdr-news.com\/"},{"@type":"ListItem","position":2,"name":"Shop","item":"https:\/\/www.cdr-news.com\/shop\/"},{"@type":"ListItem","position":3,"name":"Fraud, Asset Tracing & Recovery 2025","item":"https:\/\/www.cdr-news.com\/cdr-essential-intelligence\/fraud-asset-tracing-recovery\/"},{"@type":"ListItem","position":4,"name":"Looking across the continent"}]},{"@type":"WebSite","@id":"https:\/\/www.cdr-news.com\/#website","url":"https:\/\/www.cdr-news.com\/","name":"CDR News","description":"","publisher":{"@id":"https:\/\/www.cdr-news.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.cdr-news.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.cdr-news.com\/#organization","name":"CDR News","url":"https:\/\/www.cdr-news.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.cdr-news.com\/#\/schema\/logo\/image\/","url":"https:\/\/www.cdr-news.com\/wp-content\/uploads\/2024\/09\/cdr_logo_header-1.svg","contentUrl":"https:\/\/www.cdr-news.com\/wp-content\/uploads\/2024\/09\/cdr_logo_header-1.svg","caption":"CDR News"},"image":{"@id":"https:\/\/www.cdr-news.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/x.com\/CDR_Magazine"]}]}},"_links":{"self":[{"href":"https:\/\/www.cdr-news.com\/wp-json\/wp\/v2\/product\/36207","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cdr-news.com\/wp-json\/wp\/v2\/product"}],"about":[{"href":"https:\/\/www.cdr-news.com\/wp-json\/wp\/v2\/types\/product"}],"up":[{"embeddable":true,"href":"https:\/\/www.cdr-news.com\/wp-json\/wp\/v2\/product\/36179"}],"wp:attachment":[{"href":"https:\/\/www.cdr-news.com\/wp-json\/wp\/v2\/media?parent=36207"}],"wp:term":[{"taxonomy":"product_brand","embeddable":true,"href":"https:\/\/www.cdr-news.com\/wp-json\/wp\/v2\/product_brand?post=36207"},{"taxonomy":"product_cat","embeddable":true,"href":"https:\/\/www.cdr-news.com\/wp-json\/wp\/v2\/product_cat?post=36207"},{"taxonomy":"product_tag","embeddable":true,"href":"https:\/\/www.cdr-news.com\/wp-json\/wp\/v2\/product_tag?post=36207"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}