Maravi

Developing countries losing billions through corruption - World Bank

COMMENT - Developing Countries may lose $20 to $40 billion a year to briberty, but they are losing 3/4 of a trillion through raw materials fleeing the continent, and probably trillions more because they are not turning them into finished goods.

Developing countries losing billions through corruption - World Bank
By By Mutale Kapekele
Thu 17 Feb. 2011, 03:59 CAT

THE World Bank says developing countries lose between US$20 billion and US$40 billion each year to bribery, embezzlement, and other corrupt practices.

The Bank says creative international cooperation can help developing countries recover stolen assets and that over the past 15 years, only US$5 billion has been recovered and returned.

According to the Stolen Asset Recovery (StAR) Initiative of the World Bank Group and the United Nations Office on Drugs and Crime, the process of recovering lost assets for developing countries was complex and required coordination between many public agencies in multiple jurisdictions.

Practitioners must exchange sensitive information with partners in other countries to trace stolen funds and gather evidence.

Commenting on the topic, World Bank senior financial sector specialist and lead author of the Bank’s Asset Recovery Handbook Jean Pierre Brun says countries must be familiar with a wide range of legal tools and procedures for freezing, seizing and repatriating stolen funds for stolen assets to be successfully recovered.

¨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,” said Brun.

“It is exceptionally difficult for those working in the context of failed states, widespread corruption, or limited resources. A practical guide can help these states navigate the process, anticipate challenges, and determine and implement effective strategies.”

Labels: CORRUPTION, StAR, World Bank

posted by MrK @ 8:30 AM