In Chile there is no comprehensive legislation which deals specifically with asset recovery. However, victims of fraud may use the general tools that are available under Chilean law to victims of crime that seek restoration. Criminal cases cannot be subject to arbitration, although the civil liability derived from the crime may be submitted to the competence of an arbitration tribunal. Naturally, arbitration means faster proceedings than in the ordinary courts, but higher costs.
Historically, the Santiago Court of Appeals has held that parties' only recourse against an international arbitral award is the set-aside procedure. However, the Supreme Court recently established that parties' intentions as expressed in an arbitration clause cannot be dismissed when analysing the available forms of recourse against an arbitration award. This decision emphasises the contractual nature of arbitration and the importance of the parties' intentions when determining the effects of an arbitration agreement.