The Asset Tracing and Recovery Review 11th edition: Austria

As bad actors continue to develop new and innovative ways to channel illegally obtained money, asset tracing and recovery has become increasingly complex. While the Austrian legal system provides helpful and effective remedies in this regard, new laws and regulations are regularly established to keep up with and prevent these new types of fraudulent acts and related money laundering schemes more efficiently.

At present, Austrian criminal law broadly penalises, inter alia, acts of criminal fraud, breach of trust, fraudulent insolvency and untenable representation of fundamental information concerning certain corporations, often accompanied by money laundering. For the purpose of recovering related damages, claims can be based either on criminal offences or on civil fraud and filed either with the Austrian criminal or civil courts.

Moreover, to successfully retrieve assets that have been obtained through fraudulent
acts (or the substitute value of such), both Austrian criminal and civil law provide for preliminary
measures, such as freezing of assets and correctives to obtain sufficient evidence.

The Asset Tracing and Recovery Review is a practical overview of asset recovery rules and procedures across key jurisdictions worldwide. Focusing on recent developments, it examines the primary processes and limitations for following and tracing fraudulently appropriated assets, with due consideration of the relevant legal rights and remedies, as well as issues related to seizure and the rules of evidence.

Our Disputes Partner Valerie Hohenberg has authored the chapter devoted to Austria in the Review’s 11th edition alongside asset recovery experts from Stibbe, Studio Legale Pisano, Baker & Hostetler LLP, Arendt & Medernach, METIS Rechtsanwalte, Mourant, Gasser Partner; Michael Kyprianou & Co LLC and others.