Any effort by governments to repatriate the proceeds of corruption hidden in foreign jurisdictions
Chapter V of the United Nations Convention against Corruption (2003) makes clear that Asset Recovery is an international priority in the fight against corruption
International asset recovery is any effort by governments to repatriate the proceeds of corruption hidden in foreign jurisdictions. Such assets may include monies in bank accounts, real estate, vehicles, arts and artifacts, and precious metals. As defined under the United Nations Convention against Corruption, asset recovery refers to recovering the proceeds of corruption, rather than broader terms such as asset confiscation or asset forfeiture which refer to recovering the proceeds or instrumentalities of crime in general.
Often used to emphasize the "multi-jurisdictional" or cross-border aspects of a corruption investigation, international asset recovery includes numerous processes such as the tracing, freezing, confiscation, and repatriation of proceeds stored in foreign jurisdictions, thus "making it one of the most complex projects in the field of law".[1] Even considering the difficulties present, Africa specialist Daniel Scher counters that international asset recovery's "potential rewards in developing countries make it a highly attractive undertaking".[2]
Despite domestic legislation in some countries allowing for the confiscation and forfeiture of proceeds of corruption, it is improvements in finance, transportation, and communications technologies in the 20th century that have made it easier for corrupt leaders and other "politically exposed persons" to conceal massive amounts of stolen wealth in offshore financial centers.
By taking advantage of differences in legal systems, the high costs in coordinating investigations, lack of international cooperation, and bank secrecy in some recipient countries, corrupt officials have been able to preserve much of their loot overseas.
^Smith, Jack; Pieth, Mark; Jorge, Guillermo (February 2007), "The Recovery of Stolen Assets: A Fundamental Principle of the UN Convention against Corruption" (PDF), U4Brief, no. 2, Chr. Michelsen Institute (CMI) – U4
Internationalassetrecovery is any effort by governments to repatriate the proceeds of corruption hidden in foreign jurisdictions. Such assets may include...
The AssetsRecovery Agency (ARA) was a non-ministerial government department in the United Kingdom. It was established under the Proceeds of Crime Act...
strengthen international law enforcement and judicial cooperation between countries by providing effective legal mechanisms for internationalassetrecovery. States...
including the Safe Drinking Water Act (1974), Resource Conservation and Recovery Act (1976), Toxic Substances Control Act of 1976, Energy Reorganization...
amount exceeding ₹2,000 via the banking system would mean the declaration of assets by political parties and also enable their traceability. Then Finance Minister...
deceitfully secreting assets by one or more persons that have been entrusted with such assets. The persons entrusted with such assets may or may not have...
of unlawful violence or unconventional warfare, but at present, the international community has been unable to formulate a universally agreed, legally...
of Democracy. Retrieved July 19, 2018. "The Puppet Masters". Stolen AssetRecovery Initiative, The World Bank. October 24, 2011. Archived from the original...
Their Enablers: The Anatomy of Confidence Games". Social Research: An International Quarterly. 85 (4): 795–822. doi:10.1353/sor.2018.0050. S2CID 150021652...
and international regulators such as the US Office of the Comptroller of the Currency to mean "any financial transaction which generates an asset or a...
Corruption Internationalassetrecovery List of ISO standards International Anti-Corruption Academy International Anti-Corruption Day International Organization...
AssetRecovery Interagency Network - Asia Pacific (ARIN-AP) is an informal network of experts and practitioners in the field of asset tracing, freezing...
Samaranch, president of the International Olympic Committee (IOC) from 1980 to 2001, has been a member of the International Olympic Committee since 2001...
when the disclosures concern politicians' income sources, liabilities and asset level instead of just income level. Any extrinsic aspects that might reduce...
September 14, 2014. Edgar L. Feige, "Dynamics of Currency Substitution, Asset Substitution and De facto Dollarisation and Euroisation in Transition Countries"...
Anti-bribery management systems Group of States Against Corruption International Anti-Corruption Academy United Nations Convention against Corruption...
jargon and propaganda of Fascist Italy, Nazi Germany and the Communist International, Western democratic states were referred to as plutocracies, with the...
Computerisation of Commission's Work Modern Preventive Vigilance Framework International Cooperation. etc. Driven by the Central Vigilance Commission, Vigilance...
implemented commissions in the 2018 midterm cycle include Colorado. International election observers from the Organization for Security and Co-operation...
including oil companies Exxon Mobil and Shell, hedge funds KKR and Wermuth Asset Management, Deloitte and Ernst & Young. Exxon Mobil itself was ranked in...
wrong person as settlements and has been held by the London Court of International Arbitration (LCIA) of 'conspiring' to defraud and financially harm Broadsheet...
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