Barriers to Asset Recovery : An Analysis of the Key Barriers and Recommendations for Action
Theft of public assets from developing countries is an immense problem with a staggering development impact. These thefts diverts valuable public resources from addressing the abject poverty and fragile infrastructure often present in such countrie...
| Main Authors: | , , , , , |
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| Language: | English |
| Published: |
World Bank
2012
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| Subjects: | |
| Online Access: | http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000333037_20110713235824 http://hdl.handle.net/10986/2320 |
| Summary: | Theft of public assets from developing
countries is an immense problem with a staggering
development impact. These thefts diverts valuable public
resources from addressing the abject poverty and fragile
infrastructure often present in such countries. Although the
exact magnitude of the proceeds of corruption circulating in
the global economy is impossible to ascertain, estimates
demonstrate the severity and scale of the problem at $20 to
$40 billion lost to developing countries each year. What
this estimate does not capture are the societal costs of
corruption and the devastating impact of such crimes on
victim countries. Theft of assets by corrupt officials,
often at the highest levels of government, weakens
confidence in public institutions, damages the private
investment climate, and divests needed funding available for
core investment in such poverty alleviation measures as
public health, education, and infrastructure. This
study's key objective is to mobilize policy makers on
the existing difficulties in stolen asset recovery actions
and convince them to take action on the featured
recommendations. Such action will enhance the capacity of
practitioners to successfully recover stolen assets. |
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