A recently launched book written by UNODC-World Bank Stolen Asset Recovery Initiative (StAR) jointly with the International Bar Association (IBA) outlines an underutilized way to pursue the restitution of corrupt funds: insolvency and bankruptcy proceedings.… Continue Reading
The Stolen Asset Recovery Initiative, or StAR, is a partnership between the World Bank Group and the United Nations Office on Drugs and Crime (UNODC). It supports international efforts to end safe havens for corrupt funds.… Continue Reading
It is repellent to read how a has been systematically plundered. For the culprit to be a member of the ruling family only adds weight to the wrong.… Continue Reading
Canada’s biggest engineering and construction firm is recovering more than $13 million, claiming it was a victim of alleged bribes paid to the son of former Libyan dictator Moammar Gadhafi.
The Wall Street Journal’s James Grimaldi and Margaret Coker reported that SNC-Lavalin’s recovery “has surprised many lawyers involved with stolen-asset recovery efforts, because the work has been focused on returning ill-gotten gains to the countries, not firms whose officials paid bribes.”… Continue Reading
After analyzing almost 400 cases over 13 years, the World Bank reports that only 3.3 percent of $6 billion in fines have been shared with developing countries whose officials accepted bribes.… Continue Reading
Developing countries are losing between $20 billion to $40 billion every year, making graft the greatest obstacle to economic and social development around the world, according to a report released this month by the United Nations Office on Drugs and Crime (UNODC).… Continue Reading
As the G8 leaders meet in Northern Ireland today and tomorrow, it is important that they make strides on two key anti-corruption issues: (1) Ensuring public officials and their relatives cannot cloak their identities and the source of their corrupt funds by using anonymous corporations and (2) Ensuring that extractive wealth fuels development rather than corruption and poor governance.… Continue Reading