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Gray, Larissa --- "Recovering Corruptly Obtained Assets" [2011] ELECD 1006; in Graycar, Adam; Smith, G. Russell (eds), "Handbook of Global Research and Practice in Corruption" (Edward Elgar Publishing, 2011)

Book Title: Handbook of Global Research and Practice in Corruption

Editor(s): Graycar, Adam; Smith, G. Russell

Publisher: Edward Elgar Publishing

ISBN (hard cover): 9781849805018

Section: Chapter 19

Section Title: Recovering Corruptly Obtained Assets

Author(s): Gray, Larissa

Number of pages: 19

Extract:

19 Recovering corruptly obtained assets
Larissa Gray


INTRODUCTION
Corruption is a global epidemic. Its impact can be particularly devastating
on developing countries, which lose between $20 to $40 billion every year
through corrupt acts such as bribery and embezzlement (Baker, 2005 cited
in UNODC and The World Bank, 2007, p. 10). Assets stolen by corrupt
officials are often laundered through the global financial system and find
safe haven in the world's financial centres. The scale of the problem is
vast and solutions are complicated by the diverse range of stakeholders
involved, including law enforcement and justice officials in developing
countries and financial centres, banks, private companies, development
organizations, civil society and the media.
Over the past decade, international bodies have recognized that pre-
venting and detecting the theft of public assets, and supporting attempts
to recover them, is an integral part of broader development efforts to
improve governance and fight corruption and an important contribution
to the fight against poverty. A number of successful high-profile cases with
creative international co-operation have demonstrated that asset recovery
is possible. However, the recovery of these assets from foreign jurisdic-
tions is estimated at only $5 billion over the past 15 years (Stolen Asset
Recovery Initiative, 2009, p. 4).
The huge gap between even the lowest estimates of assets stolen and those
repatriated demonstrates that a more visible, tangible progress in forcefully
prosecuting corruption cases, and systematic recovery of proceeds of cor-
ruption is needed. This chapter summarizes the international commitments
...