Handbook of Global Research and Practice in Corruption
Show Less

Handbook of Global Research and Practice in Corruption

Edited by Adam Graycar and Russell G. Smith

Corruption is a global phenomenon with costs estimated to be in the trillions of dollars. This source of original research and policy analysis deals with the most important concepts and empirical evidence in foreign corrupt practices globally.
Buy Book in Print
Show Summary Details
You do not have access to this content

Chapter 19: Recovering Corruptly Obtained Assets

Larissa Gray


Larissa Gray INTRODUCTION Corruption is a global epidemic. Its impact can be particularly devastating on developing countries, which lose between $20 to $40 billion every year through corrupt acts such as bribery and embezzlement (Baker, 2005 cited in UNODC and The World Bank, 2007, p. 10). Assets stolen by corrupt officials are often laundered through the global financial system and find safe haven in the world’s financial centres. The scale of the problem is vast and solutions are complicated by the diverse range of stakeholders involved, including law enforcement and justice officials in developing countries and financial centres, banks, private companies, development organizations, civil society and the media. Over the past decade, international bodies have recognized that preventing and detecting the theft of public assets, and supporting attempts to recover them, is an integral part of broader development efforts to improve governance and fight corruption and an important contribution to the fight against poverty. A number of successful high-profile cases with creative international co-operation have demonstrated that asset recovery is possible. However, the recovery of these assets from foreign jurisdictions is estimated at only $5 billion over the past 15 years (Stolen Asset Recovery Initiative, 2009, p. 4). The huge gap between even the lowest estimates of assets stolen and those repatriated demonstrates that a more visible, tangible progress in forcefully prosecuting corruption cases, and systematic recovery of proceeds of corruption is needed. This chapter summarizes the international commitments to date, describes the process of asset recovery, and presents the...

You are not authenticated to view the full text of this chapter or article.

Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.

Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.

Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.

Further information

or login to access all content.