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World Bank Study: Strategic Reforms Crucial for Stolen Asset
Recovery Newsdiaryonline
21-06-11
Washington, D.C., June 21, 2011: Recent revolutions and
uprisings in the Middle East and North Africa have raised
questions about the capacity of financial centers to stop the
flow of resources generated by corruption. Barriers to Asset
Recovery, released today by the World Bank Group and the United
Nations Office on Drugs and Crimes (UNODC) Stolen Asset Recovery
(StAR) Initiative, advises policy makers on reforms that will
enable the recovery of stolen assets.
The study recommends eight strategic actions and other
recommendations for policy makers, legislators and
practitioners. They include the implementation of new policies
and operational procedures to foster trust and mentor other
jurisdictions, legislative reforms to facilitate freezing and
confiscation of stolen assets, and better application of
existing anti-money laundering measures.
A complex process, asset recovery depends on rapid international
cooperation and
often involves the exchange of sensitive information. It also
requires practitioners to be familiar with legal tools and
procedures in their own country as well as partner countries.
There are many obstacles to asset recovery. Not only is it a
specialized legal process filled with delays and uncertainty,
but there are also language barriers and a lack of trust when
working with other countries, said Kevin Stephenson, World Bank
Senior Financial Sector Specialist and lead author of the study.
In jurisdictions that do not prioritize these cases,
practitioners do not develop the necessary expertise and
agencies are not adequately resourced.
The authors consulted over 50 practitioners around the globe,
who gave information based on their practical experience. The
study analyzes the barriers to recovering stolen assets in
foreign jurisdictions, and introduces examples of good
practices. It also provides information about asset recovery
regimes in various financial centers.
This study is a powerful tool to help policy makers design a
comprehensive strategy for stolen asset recovery, and implement
the necessary reforms, said Jean Pesme, Manager of the World
Bank’s Financial Market Integrity Program and StAR
Coordinator.It can also aid practitioners by showing them how to
use existing asset recovery tools more effectively.
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