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by: Kevin Stephenson, Larissa Gray, Ric Power
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It is estimated that the proceeds of crime, corruption and tax
evasion represent between $1 trillion and $1.6 trillion per year, with
half coming from developing countries. Proceeds are typically
transferred abroad and hidden in foreign jurisdictions, thus requiring
international cooperation. Various international conventions and
agreements require international cooperation on this issue, in
particular the United Nations Convention against Corruption; however,
only $5 billion in stolen assets have been repatriated over the last 15
years.
This enormous gap reveals that significant barriers continue to
impede asset recovery despite the commitments taken by governments,
civil society and the private sector. Drawing on the experience of
practitioners with hands-on experience, the Stolen Asset Recovery
(StAR) Initiative launched this study to identify the barriers to
stolen asset recovery internationally, provide brief analysis of the
impact of these barriers, and propose recommendations for overcoming
these obstacles. This volume is intended to guide policy makers in
their efforts to ensure necessary resources and the development of a
plan, policy or strategy aimed at eradicating the barriers to asset
recovery. In addition, this study proposes actions to be taken by the
G20, international organizations, financial institutions, developmental
agencies and civil society.
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