Barriers to Asset Recovery

Stephenson, Kevin; Gray, Larissa; Power, Ric

doi:10.1596/978-0-8213-8660-6

Cited by 26 publications

(10 citation statements)

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“…Confiscation measures should extend to property representing proceeds of crime (Stephenson et al , 2011, pp. 65–66). Access to banking records and information should be provided during the non-public pre-investigation stage too. The current asset freezing and restraint provisions can be improved by enabling immediate action once a decision is taken to prosecute the offender (Stephenson et al , 2011, p. 54). The regime regarding the declaration of assets by public officials can be strengthened and confiscation can be extended to cases of unexplained wealth. Comprehensive non-conviction-based forfeiture of proceeds of crime can be introduced. FATF Recommendations and the UNCAC encourage jurisdictions to apply non-conviction-based measures (Brun et al , 2011, p. 103).…”

Section: Discussionmentioning

confidence: 99%

“…“Property” should be defined uniformly in these laws, applying the definition of “property” in the relevant UN conventions and FATF standards. Confiscation measures should extend to property representing proceeds of crime (Stephenson et al , 2011, pp. 65–66).…”

Section: Discussionmentioning

confidence: 99%

“…More generally, however, non-conviction-based action is taken against the offender, with the State having to prove the commission of the crime and linkages between the crime and property to the lower civil standard that applies in civil litigation. An increasing number of jurisdictions are adopting this form of non-conviction-based forfeiture to confiscate criminal assets, especially for proceed of corruption, as it is easier to meet the civil standard of proof, rather than the criminal standard (Stephenson et al , 2011, p. 66).…”

Section: Overview Of Criminal Asset Confiscationmentioning

confidence: 99%

“…Documents are not clearly captured by “illegal profits” either. The wording of the Article does not clearly extend confiscation measures to property representing proceeds of crime (Stephenson et al , 2011, pp. 65–66; Huyen and Giao, 2018, p. 69) or property of a corresponding value to the actual proceeds of crime.…”

Section: Gaps In the Criminal Asset Confiscation Regimementioning

confidence: 99%

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Confiscation of proceeds of crime in Vietnam: improving the legal framework

Koker

Tran

2021

JMLC

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Purpose The purpose of this paper is to analyze the Vietnamese laws and practices concerning the confiscation of proceeds of crime, especially in view of Vietnam’s obligations to meet the international standards on money laundering and terrorist financing, set by the Financial Action Task Force and relevant international conventions that Vietnam ratified. To limit the scope of this paper, the analysis focuses on the confiscation of proceeds of domestic crimes that do not require international legal assistance. This paper concludes with recommendations for improving the legal framework on criminal asset recovery in Vietnam. Design/methodology/approach This is a doctrinal study that considers the applicable legal framework. This study is supported by brief case studies of major cases involving the confiscation of proceeds of crime. Findings Vietnam has a functioning asset confiscation regime but gaps in the law, lack of financial investigation expertise and lack of focused investigative attention on asset preservation and confiscation are hampering its effectiveness. The key gaps can easily be closed with appropriate amendments to the law. These reforms should be combined with a dedicated skills development program to produce sufficient number of financial investigation experts and criminal asset management experts to support the regime. The training should extend to judicial officers to ensure an appropriate understanding of the asset confiscation law. Reforms such as these should follow on a comprehensive review of Vietnam’s law and practices relating to the confiscation and forfeiture of criminal assets. This review should extend to assets linked to the financing of terrorism and proliferation to ensure that Vietnam has a comprehensive regime to deal with criminal assets. Research limitations/implications This paper draws on publicly available information regarding the confiscation of proceeds of crime in Vietnam. Little data is available on asset confiscation and that prevents an in-depth assessment of the regime. Originality/value This paper highlights gaps in the current asset confiscation regime and proposes reforms and approaches that will ensure a more effective asset confiscation regime for Vietnam.

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Section: Discussionmentioning

confidence: 99%

Section: Discussionmentioning

confidence: 99%

Section: Overview Of Criminal Asset Confiscationmentioning

confidence: 99%

Section: Gaps In the Criminal Asset Confiscation Regimementioning

confidence: 99%

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Confiscation of proceeds of crime in Vietnam: improving the legal framework

Koker

Tran

2021

JMLC

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“…In the same way, Stolen Asset Recovery Initiative of the World Bank and United Nations Office on Drugs and Crime recommends enforcement of foreign non-conviction based asset confiscation orders. Further, it encourages states that have not yet introduced non-conviction based confiscation regimes to pass and implement legislation that allows them to execute non-conviction based confiscation requests (Stephenson et al, 2011).…”

Section: Internationalization Of Non-conviction Based Civil Confiscation and Its Settlementmentioning

confidence: 99%

Challenges in settling non-conviction based civil confiscation of unexplained wealth

Kolarov

2020

JMLC

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Purpose The purpose of this paper is to evaluate the benefits and challenges, on the national and international level, associated with the settlement of cases involving non-conviction civil confiscation of unexplained wealth. Design/methodology/approach This paper is centered on evaluation of key aspects of settlement of civil confiscation of unexplained wealth cases. Conducting a review of settlement of confiscation cases and of non-conviction-based unexplained wealth regimes, this research evaluates the validity of the lead thesis. Findings Settlement of civil asset confiscation of unexplained wealth cases presents several challenges that call for mitigation. Originality/value This paper emphasizes the theoretical and practical issues on the national and international level related to settlement of cases involving non-conviction-based civil asset confiscation of unexplained wealth, with recommendations for development of legal principles for non-conviction based civil asset confiscation.

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International Informal Capital Flows and Sustainable Finance: China’s Regulatory Approach

Chaikin

2023

Sustainable Finance

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Barriers to Asset Recovery

Cited by 26 publications

References 0 publications

Confiscation of proceeds of crime in Vietnam: improving the legal framework

Confiscation of proceeds of crime in Vietnam: improving the legal framework

Challenges in settling non-conviction based civil confiscation of unexplained wealth

International Informal Capital Flows and Sustainable Finance: China’s Regulatory Approach

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