Larissa Gray

Barriers to asset recovery : an analysis of the key barriers and recommendations for action

Despite international commitments, significant barriers remain in the process of recovering the proceeds of corruption from foreign jurisdictions. This volume identifies and analyzes the impact of these obstacles and proposes recommendations for overcoming them. Developing countries lose an estimated US

Few and far : the hard facts on stolen asset recovery

20 to 40 billion each year through bribery, misappropriation of funds, and other corrupt practices. Thus, over a 15-year period, roughly US

Manual para la recuperacion de activos : una guia orientada a los profesionales

300 to 600 billion disappears. Most of these funds stolen from developing countries are believed to be transferred abroad and hidden in foreign jurisdictions. Regrettably, only US

Asset Recovery Handbook: A Guide for Practitioners

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. 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 evidenced 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 ensure concrete progress in implementing these recommendations.

The Role of Development Agencies

The return of the proceeds of corruption - asset recovery can have a significant development impact. Development agencies and other bodies committed to improving development effectiveness should be interested in the asset recovery agenda, in view of recognition that corruption undermines development efforts and international commitments to fight it and recover the proceeds. Within this new framework, delegates committed themselves to fight corruption and to undertake efforts to identify, trace, freeze, and return the proceeds of corruption. This report measures the progress of Organization for Economic Co-operation and Development (OECD) member countries in meeting commitments to trace, freeze, seize, and recover the proceeds of corruption. It covers the period from January 2010 to June 2012 and follows an initial report measuring progress between 2006 and 2009, tracking anti-corruption and asset recovery commitments: a progress report and recommendations for action. The report is primarily intended to support the anticorruption and asset recovery efforts of developed and developing jurisdictions, with a particular focus on actions for development agencies. Civil society organizations engaged in governance and development issues may wish to use the findings and recommendations in their reports and advocacy efforts as well. This report is organized as follows: chapter one gives introduction. Chapter two provides some general observations on the data available; chapter three summarizes the main findings on asset recovery cases; chapters four, five, and six discusses the progress that countries have made in developing the necessary policy, legal, and institutional frameworks. Chapter seven summarizes the role of developing countries in recovering the proceeds of corruption; chapter eight reports on possible areas for the involvement of development agencies; and chapter nine sets out the main conclusions of the report.

Overview of the Asset Recovery Process and Avenues for Recovering Assets

The handbook is organized into nine chapters, a glossary, and ten appendixes of additional resources. Chapter one provides a general overview of the asset recovery process and legal avenues for recovery, along with practical case examples. Chapter two presents a host of strategic considerations for developing and managing an asset recovery case, including gathering initial sources of facts and information, assembling a team, and establishing a relationship with foreign counterparts for international cooperation. Chapter three introduces the techniques that practitioners may use to trace assets and analyze financial data, as well as to secure reliable and admissible evidence for asset confiscation cases. The provisional measures and planning necessary to secure the assets prior to confiscation are discussed in chapter four; and chapter five introduces some of the management issues that practitioners will need to consider during this phase. Confiscation systems are the focus of chapter six, including a review of the different systems and how they operate and the procedural enhancements that are available in some jurisdictions. On the issue of international cooperation, chapter seven reviews the various methods available, including informal assistance and mutual legal assistance requests; and guides practitioners through the entire process. Finally, chapters eight and nine discuss two additional avenues for asset recovery-respectively, civil proceedings and domestic confiscation proceedings undertaken in foreign jurisdictions.