Hong Kong Trustees Association Ltd

STEP HONG KONG LTD PO Box 8486 GPO Hong Kong

Tel: 2559 7144 Email address: [email protected] Website address: www.step.org/hong-kong

A SEMINAR ON

OFFSHORE TRUSTS AND INTERNATIONAL FRAUD

Speaker: Tom Leech QC (Herbert Smith Freehills LLP)

Date: Wednesday, 9th July 2014

Time: 6.00 p.m. – 7.00 p.m.

Venue: HK International Arbitration Centre, 38/F Exchange Square Two, Central, Hong Kong

Unfortunately, the last 20 years has seen increasing awareness of the international financial system being used as a vehicle for the laundering of the proceeds of corruption and crime. Fortunately, the last 20 years has also seen international initiatives to combat the use of offshore jurisdictions and business structures to hide the proceeds of crime. The measures introduced by the United Nations Convention against and its Implementation Review Mechanism Corruption have led to significant strides in stamping out the abuse of offshore structures and jurisdictions.

In this session, Tom Leech QC will examine the risks for trustees and their advisers setting up and administering offshore trusts. When can a judgment creditor obtain interim relief in one jurisdiction in aid of proceedings in another jurisdiction? Are freezing or disclosure orders made in one jurisdiction binding on trustees in another jurisdiction? When can a judgment creditor trace into assets held by trustees in another jurisdiction and when are trustees personally liable for the use or misuse of trust funds? He will also compare the regulatory steps taken by a number of offshore jurisdictions to minimise the risk of abuse and looks at the steps taken by a number of jurisdictions to limit the liability of trustees who become mixed up in the laundering of the proceeds of corruption and crime. Finally, he will examine the asset protection legislation adopted in a number of jurisdictions to ring fence assets and asks whether legislation of this kind will survive serious challenge.

Tom Leech QC joined Herbert Smith Freehills LLP after over 20 years at the Chancery Bar. He appeared in the Thyssen litigation in Bermuda. Last year he appeared in IICG v Cains when the Staff of Government Division had to consider the effect of a freezing injunction issued by the English Court on trust assets held in the Isle of Man. Earlier this year, he appeared for the US Department of Justice in the Court of Appeal in England in USA v Abacha which reviewed the jurisdiction to make freezing injunctions against trust assets under management in England in aid of foreign proceedings. He has lectured extensively on trusts and trustees and recently addressed the Group of International Finance Centre Supervisors on asset recovery and investigatory issues.

Those interested should register using the attached seminar enrolment form. STEP HONG KONG LTD PO Box 8486 GPO Hong Kong

Tel: 2559 7144 Email address: [email protected] Website address: www.step.org/hong-kong

SEMINAR ENROLMENT FORM

OFFSHORE TRUSTS AND INTERNATIONAL FRAUD

Speaker: Tom Leech QC (Herbert Smith Freehills LLP)

Date: Wednesday, 9th July 2014

Time: 6.00 p.m. – 7.00 p.m.

Venue: HK International Arbitration Centre, 38/F Exchange Square Two, Central, Hong Kong

The cost per person is HK$300 for members of STEP and the HK Trustees’ Association Ltd*, and HK$400 for non-members. (*Any staff, not only the nominated representative of the HKTA member, can attend the seminar at a cost of $300). Applications for ten or more members can enrol at a special discount fee of $275 per person. Please complete this form and return it to us at the PO Box address above with your cheque made payable to STEP Hong Kong Limited.

Name of STEP or HKTA Member: ______

Name(s) of attendee(s)______

______

Cheque total: ______Cheque No. ______

Contact Person: ______Telephone: ______

Email: ______Fax: ______

(NB: Payments are non-refundable unless the event is cancelled by the Society. Bookings are only confirmed with payment, on a first-come, first-served basis)