Law enforcement authorities in the city of London are joining forces with an international law firm to help fraud victims recover their stolen assets.
In a statement, the City of London Police says it is teaming up with law firm Gowling WLG for a civil asset recovery program that will be made available to select fraud cases where prosecution is not possible or viable.
[adinserter block="1"]The partnership is being announced following a successful pilot project that helped an elderly victim suffering from Alzheimer’s disease who was swindled by a cryptocurrency scam scheme and lost more than £2 million ($2.58 million).
According to the police force, the UK lost more than £570 million ($735.58 million) to fraud in the first half of 2024 alone.
Says Gowling WLG director Bríd Holden,
“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 law enforcement agency says that in addition to giving fraud victims the opportunity to take back their losses, the program also enables civil asset recovery agents to pursue and seize the assets of organized crime groups (OCGs).
Says City of London Police Detective Chief Inspector Craig Mullish,
“[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.”
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