Contracts As The All-powerful Tool Against The CEF

My previous article titled 'Cyber-enabled fraud: an imminent threat to business in Azerbaijan' illustrated how various institutions such as banks, law enforcement, or legal instruments alone are incapable of defending the business from the CEF. The paper also enlisted several recommendations for business stakeholders to protect their business. Below I will shed light on the importance of commercial agreements and how they can help the business to prevent and cure from the consequences of the CEF.

Importance of civil liability

As it became evident from the case of our client (the 'Client') the originating, intermediary and beneficiary banks were not able to prevent the intruder(s) from withdrawing the whole amount wired by the Client. And the law enforcements of both Azerbaijan and UAE could not open a criminal case based on the jurisdictional grounds. For this reason, civil liability must come forward as businesses need a more sophisticated remedy to ensure the