The Asset Recovery Handbook, released last weekend by the Stolen Asset Recovery (StAR) Initiative of the World Bank Group and the United Nations Office on Drugs and Crime, provides practitioners with a how-to guide for recovering stolen assets.
Nigeria and other developing countries lose between $20 billion and $40 billion each year to bribery, embezzlement, and other corrupt practices. Over the past 15 years only $5 billion has been recovered and returned, declared a new handbook, which seeks to help close this gap.
“In these tough economic times, it is vital for countries to have the resources they need to battle this scourge,” Dr Ngozi Okonjo-Iweala, managing director of the World Bank, said. “The handbook could also be helpful to those making policy decisions about legislation and management of resources devoted to fighting corruption.”
The World Bank said the process is complex, requiring coordination between many public agencies in multiple jurisdictions adding that practitioners must exchange sensitive information with partners in other countries to trace stolen funds and gather evidence. They must be familiar with a wide range of legal tools and procedures for freezing, seizing, and repatriating stolen funds. And they must be able to navigate the legal systems of their own country and of partner countries.
“The process can be overwhelming for even the most experienced practitioners. It is exceptionally difficult for those working in the context of failed states, widespread corruption, or limited resources,” Jean Pierre Brun, World Bank senior financial sector specialist and lead author of the handbook, said. “A practical guide can help these states navigate the process, anticipate challenges and determine and implement effective strategies.”
The handbook, prepared by an international team of experts, draws on the experience of a wide range of countries and legal traditions. Designed as a quick reference, it describes approaches to recovering proceeds of corruption located in foreign jurisdictions, identifies the difficulties that practitioners are likely to encounter, suggests strategic and tactical options to address the challenges, and introduces good practices. It also provides reference tools, case studies, and practical resources such as sample intelligence reports, applications for court orders, and mutual legal assistance requests.