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Article
Publication date: 16 November 2020

Sally Junsong Wang

The purpose of this paper is to provide an empirical comparative analysis on cross-border suspect wealth issues and international efforts to curb corruption-related…

Abstract

Purpose

The purpose of this paper is to provide an empirical comparative analysis on cross-border suspect wealth issues and international efforts to curb corruption-related suspect wealth. Through the lens of the United Nations Convention Against Corruption (UNCAC) and the Stolen Asset Recovery Initiative (StAR) Initiative, this paper illustrates the strength and limitations of current anti-corruption frames and as a result, sheds lights on the dilemmas of tackling suspect wealth on the ground.

Design/methodology/approach

This paper begins with an overview of the magnitude of suspect wealth; then it compares the focuses of the UNCAC and the StAR Initiative. The author draws upon lessons from previous suspect wealth settlement cases to illustrate the limitations of applying the international frameworks. Finally, this paper takes China as case study to highlight lessons for future anti-corruption efforts.

Findings

According to the StAR Initiative, $20–$40bn worth of public assets are stolen via corruption each year, amounting to 20% to 40% of development assistance annually. But the most recent data estimate that the total assets repatriated from OECD countries were $423m from 2006 to 2012, which was only a small fraction of estimated stolen assets. This highlights that tackling suspect wealth not only has moral value but also provides practical benefits for countries seeking development finance.

Research limitations/implications

The UNCAC has brought international cooperation and the importance of transparency to the forefront of tackling suspect wealth. It creates an international norm for recovering and repatriating stolen assets. But due to its loose implementation and enforcement, the UNCAC has left loopholes in anti-corruption policymaking, particularly in countries lacking the rule of law. By comparison, the StAR Initiative takes innovative approach such as using insolvency for asset recovery and country-based capacity building to strengthen originating countries’ ability to repatriate assets. Both the UNCAC and the StAR Initiative are well-intended, but authoritarian regimes and weak rule of law often create dilemma for international collaboration.

Practical implications

This paper provides recommendations on how to further tackle suspect wealth with existing international frameworks.

Social implications

Reducing suspect wealth contributes to society equity and restores public trust by recovering much needed public assets and development resources.

Originality/value

This paper illustrates the effect of UNCAC and the StAR Initiative through a comparative lens. It demonstrates how rising authoritarianism can create dilemmas for work against corruption and suspect wealth. Finally, it provides potential policy prescriptions for navigating such dilemmas via shared international efforts.

Details

Journal of Money Laundering Control, vol. 24 no. 2
Type: Research Article
ISSN: 1368-5201

Keywords

Article
Publication date: 22 August 2008

David J. Edwards and Gary D. Holt

Plant and equipment theft (PET) is inherent throughout the construction sector. Its effect places direct financial burden on those who have invested in such assets, but…

Abstract

Purpose

Plant and equipment theft (PET) is inherent throughout the construction sector. Its effect places direct financial burden on those who have invested in such assets, but additionally, induces “indirect” costs for many other stakeholders including project owners, plant hirers and construction managers. The paper's objective is to take and discuss a snapshot of PET, the overriding aim being to aid greater understanding of it and in particular, the application of (post‐theft) recovery technologies.

Design/methodology/approach

Descriptive case study data are considered along with informal, anecdotal evidence provided by practitioners. These data are qualitatively considered; observations are discussed; a model representation of PET and recovery is developed; and conclusions are drawn.

Findings

Plant and equipment thieves are shown to be audacious and determined, but it is identified that in addressing these characteristics, recent advances in plant security and recovery technologies (PSRT) have been significant. Arguably, PSRT are not being adopted as broadly as they should be to offset the PET problem.

Research limitations/implications

The formal model of PET might help inform future academic endeavour in the subject of plant and equipment management generally and PET specifically.

Practical implications

The model suggests that more widespread use of PSRT may not only help defeat plant thieves, but additionally help recover stolen assets and identify organised criminal networks.

Originality/value

The work is novel in setting and will be of interest to both academics and practitioners in the field.

Details

Journal of Financial Management of Property and Construction, vol. 13 no. 2
Type: Research Article
ISSN: 1366-4387

Keywords

Open Access
Article
Publication date: 27 May 2021

Olusola Joshua Olujobi

The aim of this study is to investigate how Nigeria can seek legal assistance on recovery of its stolen assets to reduce corruption and to ensure no sheltered havens for…

Abstract

Purpose

The aim of this study is to investigate how Nigeria can seek legal assistance on recovery of its stolen assets to reduce corruption and to ensure no sheltered havens for incomes from corruption.

Design/methodology/approach

The research adopts a conceptual method by using existing literature with the application of doctrinal legal research technique. The research likewise uses primary and secondary sources of legislations such as legislative provisions, case laws and the provisions of Chapter V of the United Nations Convention against Corruption and the process of asset recovery. The study compares the United Kingdom, USA, Hong Kong in China, South Africa and Nigeria proceeds of corruption recovery laws to gain basic legal features that would be beneficial to Nigeria in reforming its anti-corruption laws.

Findings

The principle of territorial sovereignty under the international law makes the offence of corruption not punishable outside the jurisdiction of the state where the offence was committed. As a result, some developed states boost their economy with these proceeds and the developing states are impoverished. There is also an allegation of discrepancies in the figures of funds recovered by the anti-corruption agencies. Thus, there is the need for transparency; law on civil forfeiture of proceeds of corruption; bilateral treaties; and mutual legal assistance on investigation, confiscation among countries for tracing and returning of proceeds of corruption.

Research limitations/implications

The estimates of the volume of assets looted from Nigeria vary widely because of the complexity of collecting data on proceeds of corruption as official statistics on proceeds of corruption recovered do not exist as each anti-corruption agency occasionally makes pronouncements on the volume of assets recovered without any breakdown in terms of assets seized, nature of assets and their locations and its values. Such data would aid policymakers to measure the effectiveness of the present assets legislations and to enhance its effectiveness.

Practical implications

Considering the clandestine manners corruption is being committed, it is tasking to correctly evaluate the amount of money stolen so, their economic impacts on the nation’s economy.

Social implications

Absence of accurate data would aid policymakers to measure the effectiveness of the present assets legislations and to enhance its effectiveness.

Originality/value

The study offers modules on management of proceeds of corruption by establishing “Assets Management Commission” and “Proceeds of Corruption Forfeiture Funds” for reparation of victims’ of corruption. The study suggests the necessity for civil forfeiture of proceeds of corruption, which is presently lacking, and creation of Proceeds of Corruption Recovery and Management Commission to manage such proceeds and advocate establishment of “Proceeds of Corruption Forfeiture Funds” for reparation of victims of corruption.

Details

Journal of Money Laundering Control, vol. 24 no. 4
Type: Research Article
ISSN: 1368-5201

Keywords

Article
Publication date: 15 January 2020

Anastasia Suhartati Lukito

The purpose of this paper is to analyze the unexplained wealth inside the corporation and to initiate and apply unexplained wealth order in the Indonesian corporation…

Abstract

Purpose

The purpose of this paper is to analyze the unexplained wealth inside the corporation and to initiate and apply unexplained wealth order in the Indonesian corporation based on the Indonesian legal system and prevailing laws. An effective tool needs to be implemented because of the facts that numerous corporate illegal activities lead to economic and financial crime. Meanwhile, there are difficulties to implement the corporate criminal liability. Non-conviction-based asset forfeiture will be a way out to deal with the current condition.

Design/methodology/approach

This paper explores and analyzes the Indonesian legal system, particularly a non-conviction-based asset forfeiture for corporate illegal activities. This paper is based on the research paper conducted with the legal normative approach.

Findings

Non-conviction-based asset forfeiture through unexplained wealth order will be an effective tool and a revolutionary pattern in the crime prevention perspective dealing with corporate crime. Corporate criminal liability in anti-corruption regime can be viewed from two perspectives by combining and integrating crime prevention approach as well as the repressive approach. The Indonesian Supreme Court Regulation number 13 of 2016 is a breakthrough in the criminal justice system to redesign case handling procedure toward corporate crime. It needs to be supported by precise asset forfeiture law. Furthermore it is necessity to strengthening and built corporations with moral and ethical business values.

Practical implications

This paper can be a source to explore the unexplained wealth that can occur in the corporation and the way to overcome it through unexplained wealth order and non-conviction-based asset forfeiture.

Originality/value

This paper contributes by initiating a non-conviction-based asset forfeiture, which is implementing the in rem proceeding, to make sure the crime does not pay and the victim and society suffer less because of the corporate crime.

Details

Journal of Financial Crime, vol. 27 no. 1
Type: Research Article
ISSN: 1359-0790

Keywords

Article
Publication date: 13 April 2022

Agaptus Nwozor and Oladiran Afolabi

Corruption is a long-standing challenge in Nigeria. The country’s development crises, including widespread poverty and insecurity, have direct and indirect links to…

Abstract

Purpose

Corruption is a long-standing challenge in Nigeria. The country’s development crises, including widespread poverty and insecurity, have direct and indirect links to corruption. The paradox of corruption in Nigeria is that political elites have politicised its elimination: while preaching anti-corruption, they are still neck-deep in corrupt practices. The purpose of this study centres on Nigeria’s anti-corruption crusade in the context of its effectiveness in attracting global support for external loot recovery. A related preoccupation of this study is to unravel the extent to which Nigeria’s anti-corruption accomplishments or otherwise have shaped international perception.

Design/methodology/approach

This study adopts a qualitative research design. It draws from primary data generated from 25 key informant interviews and complemented with secondary data from archival materials to examine Nigeria’s anti-corruption crusade, especially global perception and its overall implication in motorising the country’s quest for external loot recovery. It deploys unstructured interview guide to generate data from the key informants.

Findings

This study unveils three interrelated issues: since 1999, the promise of eliminating corruption from Nigeria’s body politic has been a recurring campaign theme without corresponding credible action against it. Although anti-corruption agencies exist in Nigeria, the country’s corruption profile is high, an indication of their ineffectiveness. The persistence of corruption has resulted in poor national image, thereby shaping negative international perception about Nigeria. The politicisation of Nigeria’s anti-corruption crusade has undermined international support and created uncertainty in the country’s quest for the recovery of its looted national funds.

Practical implications

The negative perception of the international community about the commitment of the Nigerian Government in fighting corruption has negative implications on the strategic partnership necessary for loot recovery across the globe.

Social implications

The overall social implication is loss of global support for Nigeria’s anti-corruption drive, including its quest to recover its stolen national assets and other forms of international assistance for national development.

Originality/value

The value of this study is two-fold, one, its recency and originality in terms of interrogating the interconnections between domestic efforts at anti-corruption and global perception of such efforts; and two, the contextualisation of the compromised efficiency of Nigeria’s anti-graft agenda and its overall implications in securing global support for external loot recovery.

Details

Journal of Financial Crime, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1359-0790

Keywords

Article
Publication date: 17 January 2020

Ehi Eric Esoimeme

This paper aims to critically analyse the existing framework on assets tracing and recovery in Nigeria. It will thereafter provide analysis of the asset and recovery

Abstract

Purpose

This paper aims to critically analyse the existing framework on assets tracing and recovery in Nigeria. It will thereafter provide analysis of the asset and recovery measures of advanced countries such as the USA and the UK. The results from the analysis will yield maximum insight and help the Nigerian Government to make better policies and laws on assets tracing and recovery.

Design/methodology/approach

This paper will rely on primary and secondary data drawn from the public domain. It will also rely on documentary research.

Findings

This paper determined that the Nigeria asset recovery scheme is likely to be more effective if Nigeria adopts the approach of the UK and the USA.

Research limitations/implications

This paper will suggest new ways for assets tracing and recovery. The suggested approaches/methods are being used in advanced countries such as the UK and the USA.

Originality/value

Previous research papers have extensively discussed the problems faced with assets tracing and recovery from a prohibitive and investigative standpoint. This paper will discuss the topic from a preventive standpoint with little focus on investigative mechanisms.

Details

Journal of Financial Crime, vol. 27 no. 1
Type: Research Article
ISSN: 1359-0790

Keywords

Article
Publication date: 20 July 2010

Jeffrey Simser

The purpose of this paper is to present a discussion of the corrosive effects of corruption and techniques, both criminal and civil to recover the proceeds of corruption.

1004

Abstract

Purpose

The purpose of this paper is to present a discussion of the corrosive effects of corruption and techniques, both criminal and civil to recover the proceeds of corruption.

Design/methodology/approach

The paper examines the Canadian and international perspective on the issue.

Findings

Civil asset recovery is a viable technique although there are a number of barriers that need to be addressed.

Research limitations/implications

Further research on the effectiveness of recovery measures needs to be conducted.

Practical implications

The paper examines the practical implications of the asset recovery techniques to address corruption.

Originality/value

Perspectives on asset recovery are brought to bear from an anti‐money laundering and forfeiture practitioner.

Details

Journal of Financial Crime, vol. 17 no. 3
Type: Research Article
ISSN: 1359-0790

Keywords

Article
Publication date: 1 January 2013

Lishan Ai

The purpose of this conference paper is to provide a contextual and better understanding of the nexus between corruption and money laundering, in order to enhance the role…

1690

Abstract

Purpose

The purpose of this conference paper is to provide a contextual and better understanding of the nexus between corruption and money laundering, in order to enhance the role of anti‐money laundering (AML) in combating corruption.

Design/methodology/approach

This paper analyses the key elements of the linkage between AML and anti‐corruption, and provides Australia and China as examples, demonstrating the potential importance of using AML to combat corruption.

Findings

It is found that apart from the main financial sectors, designated non‐financial sectors and high‐risk customers involved businesses are also vulnerable for money laundering, such as non‐financial designated business and professions, and politically exposed persons. In the meantime, these factors are regarded as the key points to combat corruption.

Originality/value

This paper highlights the corruption risks hidden in designated non‐financial business and professionals, and the risks of laundering the proceeds of corruption by politically exposed persons and financially exposed persons (FEPs).

Details

Journal of Money Laundering Control, vol. 16 no. 1
Type: Research Article
ISSN: 1368-5201

Keywords

Article
Publication date: 1 April 2000

In this chapter, the options for funding large‐scale corruption actions for the recovery of assets and the seizure of assets as part of civil claims for damages for human…

Abstract

In this chapter, the options for funding large‐scale corruption actions for the recovery of assets and the seizure of assets as part of civil claims for damages for human rights abuse are considered. We have sought to set out our understanding of particular funding mechanisms which are either available to be used in England and Wales or are available in other jurisdictions and thus could potentially be made available in England and Wales.

Details

Journal of Money Laundering Control, vol. 4 no. 2
Type: Research Article
ISSN: 1368-5201

Article
Publication date: 27 December 2021

Nadja Capus and Kei Hannah Brodersen

Corporate foreign bribery can have devastating consequences on communities and states. Over the past decade, there have been several promising developments, both national…

Abstract

Purpose

Corporate foreign bribery can have devastating consequences on communities and states. Over the past decade, there have been several promising developments, both national and international, that might increase the chances of victim states to receive remediation for the harm they suffered from foreign bribery. In particular, awareness has risen that victim states must be considered and new innovative items have been added to the toolbox of prosecutors in the fight against corruption that is assumed to also improve victim states’ standing in these procedures. This study aims to assess whether indeed victim states receive compensation through these novel procedures.

Design/methodology/approach

This study uses the three case studies of Switzerland, France and England and Wales for a comprehensive empirical and normative analysis of settlement agreements between defendants and prosecution authorities and of court jurisprudence.

Findings

This study shows that although de jure, it seems warranted to order the payment of remedies to victim states within domestic criminal proceedings, in practice, this rarely happens. A number of legal and practical obstacles account for this situation. This study, therefore, calls for the formulation of international guidelines containing the obligation to inform victim states of ongoing criminal proceedings on corporate foreign bribery, and guidance on how to identify the victim of this crime, as well as the damage caused.

Originality/value

This is the first contribution to verify whether claims that settlement agreements, recently introduced in England and Wales and France (and similar procedures are available in Switzerland), are beneficial for victim states in their quest to receive compensation. As this study shows that this is – not yet – the case in practice, this study proposes solutions that could lead the way for remediation of the harm caused by corporate corruption – and thereby, ultimately, to a more just outcome.

Details

Journal of Financial Crime, vol. 29 no. 4
Type: Research Article
ISSN: 1359-0790

Keywords

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