22 Mar 2019
On January 9th, US Rep. Stephen Lynch (D-MA) introduced H.R. 389, a measure that would “authorize the Secretary of the Treasury to pay rewards under an asset recovery rewards program to help identify and recover stolen assets linked to foreign government corruption and the proceeds of such corruption hidden behind complex financial structures in the United States and abroad.” The bill would essentially create a whistleblower program to identify assets used and procured from illicit foreign activities.
As the legislation points out, the World Bank estimates that developing countries lose between $20 billion and $40 billion annually to corruption, and these losses inhibit their efforts to grow and stabilize their economies. Of that sum, only $350 million are recovered annually, with only $5 billion repatriated during the last 15 years.
To address the problem, the legislation would:
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