Issuu on Google+

propriation of funds, and other corrupt practices. Thus, over a 15-year period, roughly $300– 600 billion disappears. Most of these funds stolen from developing countries are believed to be transferred abroad and hidden in foreign jurisdictions. Regrettably, only $5 billion in stolen assets have been repatriated over the last 15 years. This huge gap in actual recovery of stolen assets points to the presence of significant barriers that are impeding asset recovery. In order to address this gap, the Stolen Asset Recovery (StAR) Initiative has launched Barriers to Asset Recovery, a thorough analysis of these impediments and their negative impact. Barriers to Asset Recovery D eveloping countries lose an estimated US$20–40 billion each year through bribery, misap- International cooperation is critical to tracing and recovering stolen funds. The United Nations Convention against Corruption provides a key platform to foster such collective action—as evi- Barriers to Asset Recovery An Analysis of the Key Barriers and Recommendations for Action denced by the commitments taken by governments, civil society, and the private sector—but is not a panacea, because several of the barriers identified cannot be overcome through the convention. Drawing on the expertise of practitioners with hands-on experience, this study is intended to guide policy makers and promote practical recommendations aimed at assisting jurisdictions in devising effective policies to vigorously recover stolen assets. The G-20, international organizations, financial institutions, development agencies, and civil society have key roles to play to StAR—the Stolen Asset Recovery Initiative—is a partnership between the World Bank Group and the United Nations Office on Drugs and Crime that supports international efforts to end safe havens for corrupt funds. StAR works with developing countries and financial centers to prevent the laundering of the proceeds of corruption and to facilitate more systematic and timely return of stolen assets. Stephenson • Gray • Power • Brun • Dunker • Panjer ensure concrete progress in implementing these recommendations. Kevin M. Stephenson Larissa Gray Ric Power Jean-Pierre Brun Gabriele Dunker Melissa Panjer ISBN 978-0-8213-8660-6 SKU 18660 BarriertoAssetRecoveryREV.indd 1 5/16/11 2:34 PM

Barriers to Asset Recovery

Related publications