Rajah & Tann Singapore contributed to the Singapore chapter of the International Fraud & Asset Tracing 2024 guide published by Chambers and Partners.
The dramatic surge of 1,530% in deepfake fraud incidents last year is a stark reminder of the evolving threats in the digital age, particularly within the cryptocurrency sector. As we navigate through 2024, we can expect to see a rise in the complexity and sophistication of investment scams, especially within the crypto space. In this chapter, Jansen Chow (Co-Head, Fraud, Asset Recovery & Investigations Practice), and Ang Leong Hao (Partner, Commercial Litigation Practice) provide a comprehensive overview of the legal framework, as well as the latest trends and developments within Singapore’s legal landscape. The authors note that given Singapore’s pragmatic and commercial approach to dispute resolution, it is well placed to position itself as a leading jurisdiction to adjudicate fraud disputes.
Topics discussed in the chapter include:
Law and Practice
- Fraud claims;
- Procedures and trials;
- Corporate entities, ultimate beneficial owners and shareholders;
- Overseas parties in fraud claims;
- Enforcement;
- Privileges; and
- Special rules and laws.
Trends and Developments
- Singapore courts’ robust approach towards dealing with Ponzi schemes;
- developments in fraud cases involving crypto-assets; and
- Singapore’s continued push towards being a global crypto-restructuring hub.
The full Singapore chapter can be read here.
Find out more about our Fraud, Asset Recovery & Investigations Practice here and our Commercial Litigation Practice here.
