Few and Far: The Hard Facts on Stolen Asset Recovery

Gray, Larissa; Hansen, Kjetil; Mills, Linnea Cecilia; Recica-Kirkbride, Pranvera

doi:10.1596/978-1-4648-0274-4

Cited by 10 publications

(6 citation statements)

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“…The Stolen Asset Recovery (StAR) initiative helped to mobilise global support for Nigeria's quest to recover its looted wealth. StAR is a global partnership, under the auspices of the World Bank Group and the United Nations Office on Drugs and Crime (UNODC), which aims to coordinate and galvanise international efforts to end safe havens for corrupt funds as well as facilitate more systematic and timely return of stolen assets to countries (Gray et al, 2014).…”

Section: Discussionmentioning

confidence: 99%

“…A major global initiative that was developed to tackle the fallouts from corruption is the StAR initiative. The StAR initiative is a partnership between the World Bank Group and the UNODC that is aimed at supporting and coordinating international efforts to end safe havens for corrupt funds (Gray et al, 2014). A major goal of StAR is to assist states to recover their looted wealth deposited in third-party countries.…”

Section: Global Anti-corruption Drive and International Perception: C...mentioning

confidence: 99%

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Keeping up appearance? Nigeria’s anti-corruption crusade and image dilemma in the global arena

Nwozor

Afolabi

2022

JFC

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Purpose Corruption is a long-standing challenge in Nigeria. The country’s development crises, including widespread poverty and insecurity, have direct and indirect links to corruption. The paradox of corruption in Nigeria is that political elites have politicised its elimination: while preaching anti-corruption, they are still neck-deep in corrupt practices. The purpose of this study centres on Nigeria’s anti-corruption crusade in the context of its effectiveness in attracting global support for external loot recovery. A related preoccupation of this study is to unravel the extent to which Nigeria’s anti-corruption accomplishments or otherwise have shaped international perception. Design/methodology/approach This study adopts a qualitative research design. It draws from primary data generated from 25 key informant interviews and complemented with secondary data from archival materials to examine Nigeria’s anti-corruption crusade, especially global perception and its overall implication in motorising the country’s quest for external loot recovery. It deploys unstructured interview guide to generate data from the key informants. Findings This study unveils three interrelated issues: since 1999, the promise of eliminating corruption from Nigeria’s body politic has been a recurring campaign theme without corresponding credible action against it. Although anti-corruption agencies exist in Nigeria, the country’s corruption profile is high, an indication of their ineffectiveness. The persistence of corruption has resulted in poor national image, thereby shaping negative international perception about Nigeria. The politicisation of Nigeria’s anti-corruption crusade has undermined international support and created uncertainty in the country’s quest for the recovery of its looted national funds. Practical implications The negative perception of the international community about the commitment of the Nigerian Government in fighting corruption has negative implications on the strategic partnership necessary for loot recovery across the globe. Social implications The overall social implication is loss of global support for Nigeria’s anti-corruption drive, including its quest to recover its stolen national assets and other forms of international assistance for national development. Originality/value The value of this study is two-fold, one, its recency and originality in terms of interrogating the interconnections between domestic efforts at anti-corruption and global perception of such efforts; and two, the contextualisation of the compromised efficiency of Nigeria’s anti-graft agenda and its overall implications in securing global support for external loot recovery.

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Section: Discussionmentioning

confidence: 99%

Section: Global Anti-corruption Drive and International Perception: C...mentioning

confidence: 99%

Keeping up appearance? Nigeria’s anti-corruption crusade and image dilemma in the global arena

Nwozor

Afolabi

2022

JFC

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“…Nevertheless, according to the World Bank and the United Nations Office on Drugs and Crime, a “huge gap remains between the results achieved and the billions of dollars that are estimated stolen from developing countries” (Gray et al , 2014, p. 2). Therefore, the two international organisations have jointly started the Stolen-Asset Recovery (StAR) initiative (see point 2 of the Draft OHCHR Guidelines on a Human Rights Framework for Asset Recovery) [2].…”

Section: Introductionmentioning

confidence: 99%

Negotiating without the victim state: the exclusiveness of anticorruption settlements

Capus

Brodersen

2021

JFC

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Purpose Corporate foreign bribery can have devastating consequences on communities and states. Over the past decade, there have been several promising developments, both national and international, that might increase the chances of victim states to receive remediation for the harm they suffered from foreign bribery. In particular, awareness has risen that victim states must be considered and new innovative items have been added to the toolbox of prosecutors in the fight against corruption that is assumed to also improve victim states’ standing in these procedures. This study aims to assess whether indeed victim states receive compensation through these novel procedures. Design/methodology/approach This study uses the three case studies of Switzerland, France and England and Wales for a comprehensive empirical and normative analysis of settlement agreements between defendants and prosecution authorities and of court jurisprudence. Findings This study shows that although de jure, it seems warranted to order the payment of remedies to victim states within domestic criminal proceedings, in practice, this rarely happens. A number of legal and practical obstacles account for this situation. This study, therefore, calls for the formulation of international guidelines containing the obligation to inform victim states of ongoing criminal proceedings on corporate foreign bribery, and guidance on how to identify the victim of this crime, as well as the damage caused. Originality/value This is the first contribution to verify whether claims that settlement agreements, recently introduced in England and Wales and France (and similar procedures are available in Switzerland), are beneficial for victim states in their quest to receive compensation. As this study shows that this is – not yet – the case in practice, this study proposes solutions that could lead the way for remediation of the harm caused by corporate corruption – and thereby, ultimately, to a more just outcome.

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“…This article tackles suspect wealth associated with corruption to highlight its detriments to public trust, economic development, and governance. The Asset Recovery Watch estimates that $20–$40bn worth of public assets are stolen via corruption each year, amounting to 20 to 40% of development assistance annually (Gray et al , 2014). Recovering stolen assets can make significant impact on both developing and developed countries, as returned funds can be directed towards much-needed projects providing basic health, education, safe drinking water, and security (The World Bank, 2007).…”

mentioning

confidence: 99%

“…Recovering stolen assets can make significant impact on both developing and developed countries, as returned funds can be directed towards much-needed projects providing basic health, education, safe drinking water, and security (The World Bank, 2007). The most recent data estimates that the total assets repatriated from OECD countries were $423m from 2006 to 2012, which was only a small fraction of estimated stolen assets (Gray et al , 2014).…”

mentioning

confidence: 99%

Tackling suspect wealth: towards an accountable and transparent future?

Wang

2020

JMLC

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Purpose The purpose of this paper is to provide an empirical comparative analysis on cross-border suspect wealth issues and international efforts to curb corruption-related suspect wealth. Through the lens of the United Nations Convention Against Corruption (UNCAC) and the Stolen Asset Recovery Initiative (StAR) Initiative, this paper illustrates the strength and limitations of current anti-corruption frames and as a result, sheds lights on the dilemmas of tackling suspect wealth on the ground. Design/methodology/approach This paper begins with an overview of the magnitude of suspect wealth; then it compares the focuses of the UNCAC and the StAR Initiative. The author draws upon lessons from previous suspect wealth settlement cases to illustrate the limitations of applying the international frameworks. Finally, this paper takes China as case study to highlight lessons for future anti-corruption efforts. Findings According to the StAR Initiative, $20–$40bn worth of public assets are stolen via corruption each year, amounting to 20% to 40% of development assistance annually. But the most recent data estimate that the total assets repatriated from OECD countries were $423m from 2006 to 2012, which was only a small fraction of estimated stolen assets. This highlights that tackling suspect wealth not only has moral value but also provides practical benefits for countries seeking development finance. Research limitations/implications The UNCAC has brought international cooperation and the importance of transparency to the forefront of tackling suspect wealth. It creates an international norm for recovering and repatriating stolen assets. But due to its loose implementation and enforcement, the UNCAC has left loopholes in anti-corruption policymaking, particularly in countries lacking the rule of law. By comparison, the StAR Initiative takes innovative approach such as using insolvency for asset recovery and country-based capacity building to strengthen originating countries’ ability to repatriate assets. Both the UNCAC and the StAR Initiative are well-intended, but authoritarian regimes and weak rule of law often create dilemma for international collaboration. Practical implications This paper provides recommendations on how to further tackle suspect wealth with existing international frameworks. Social implications Reducing suspect wealth contributes to society equity and restores public trust by recovering much needed public assets and development resources. Originality/value This paper illustrates the effect of UNCAC and the StAR Initiative through a comparative lens. It demonstrates how rising authoritarianism can create dilemmas for work against corruption and suspect wealth. Finally, it provides potential policy prescriptions for navigating such dilemmas via shared international efforts.

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Few and Far: The Hard Facts on Stolen Asset Recovery

Cited by 10 publications

References 0 publications

Keeping up appearance? Nigeria’s anti-corruption crusade and image dilemma in the global arena

Keeping up appearance? Nigeria’s anti-corruption crusade and image dilemma in the global arena

Negotiating without the victim state: the exclusiveness of anticorruption settlements

Tackling suspect wealth: towards an accountable and transparent future?

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