Corporate: Asset recovery highlighted
Issue 267
- 05 Dec 2013
| 1 minute read
An extensive World Bank study, Left out of the Bargain - Settlements in Foreign Bribery Cases and Implications for Asset Recovery, has found that from1999-mid 2012 395 enforcement settlements for corruption took place, raising $6.9bn. But just 3.3% ($197m) was returned to the countries where the crime took place. The report highlights the tricky issue of how international anti-corruption enforcement can best repatriate. tainted assets and proceeds to the victim countries in line with Chapter 5 of United Nations Convention against Corruption. The study also notes some cases where companies have been told to pay fines to the countries concerned but have failed to do so – for example construction firm Mabey & Johnson, which was caught paying bribes to Iraqi officials in Ghana and Jamaica.
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