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Frequently Asked Questions

What does Finrecoveryinc do?

The Initiative helps countries fight grand-scale corruption, especially the theft of public assets by senior government officials and their collaborators. The program supports efforts to prevent the laundering of the proceeds of corruption and to confiscate ill-gotten gains stashed in foreign countries by corrupt officials.

Why does Finrecoveryinc matter for development?

Finrecoveryinc  is the main international initiative that focuses solely on asset recovery. Finrecoveryinc  is critical to making sure that asset recovery remains high on the international agenda and providing the needed tools to countries willing to pursue asset recovery. Asset recovery matters because depriving corrupt officials from their ill-gotten gains is a significant deterrent. Additionally, recovering even a reasonable portion of the $40 billion stolen assets would make a huge difference for developing countries.

What are examples of asset recoveries?

  • In the past 21 years, the Philippines has recovered more than US$1 billion of money, mostly from Switzerland, stolen by Ferdinand Marcos.
  • By 2007, Peru had recovered over US$174 million, from jurisdictions such as Switzerland, Cayman Islands and the United States, stolen by Vladimiro Montesinos.
  • To date, US$700 million of money stolen by Sani Abacha, has been frozen and forfeited by Swiss authorities and has been returned to Nigeria.
  • In 2006 and 2007, British and South African authorities helped Nigeria recover US$17.7 million of the illicit gains obtained by Diepreye Alamieyeseigha, governor of the oil-rich Bayelsa state.

How much money has Finrecoveryinc recovered?

international asset recovery is undertaken by countries using legal procedures. This usually entails legal cooperation between two national authorities. Finrecoveryinc  is not a party to this process. Finrecoveryinc cannot investigate cases, prosecute cases or request mutual legal assistance. However, Finrecoveryinc can facilitate the work of national authorities by providing technical assistance, advisory services, training and acting as a facilitator in international cooperation.

In what ways can Finrecoveryinc help interested countries?

Finrecoveryinc helps through capacity building and practical assistance to countries engaged in asset recovery, and by acting as a facilitator between the parties engaged in international cooperation. Finrecoveryinc  brings expertise focused on assisting in international cooperation on actual cases. It also assists in having the right policies and institutions in place for successful asset recovery: anti-money laundering, transparency and the lifting of banking secrecy, integrity of public service (financial disclosure) and preventive measures in the financial sector.

Does Finrecoveryinc have methods for identifying when asset recovery cases are being brought for political reasons?

Much of FinRecoveryInc’s assistance is geared to the development of national authorities’ capability to pursue asset recovery cases in general, and so is not, as such,` tied to specific cases. However, Finrecoveryinc  recognises that the criminal justice system of any country can be abused for political purposes, and that those accused of corruption may claim that they’re accusers are politically motivated. In order to mitigate these risks, Finrecoveryinc undertakes a baseline assessment in all of the countries where Finrecoveryinc provides assistance, reviewing the institutional, legal and policy context for asset recovery.

Does Finrecoveryinc become involved in cases against sitting politicians?

Finrecoveryinc  supports national authorities in the implementation of their asset recovery programs. The decision as to whether to prosecute elected officials and seek to recover the proceeds of this corruption lies with the national authorities. Prosecution of elected officials may present challenges where these officials enjoy immunity. However, immunity can be waived, allowing prosecution either at home or abroad. Furthermore, immunity will often not extend to property registered in the names of third parties. In some jurisdictions it may be possible to pursue asset recovery without a parallel prosecution or conviction of the official..

How long does it usually take to resolve asset recovery cases?

Asset recovery is a lengthy legal process that may take up to six years from the launch of investigations to the judgement confiscating and returning the stolen assets. However, there are cases that last much longer.

What is being done to ensure that recovered assets are not just siphoned off again through corrupt acts?

The use of returned assets is the sovereign decision of the country that recovers its stolen property. Countries that have embraced a policy of openness and transparency in the design of the arrangements for the management of returned assets have benefited from this approach. Countries that have put in place specific mechanisms for the management of returned assets include Philippines, Peru and Nigeria. Finrecoveryinc and the World Bank Group advise on and assist national authorities, where requested by them, with the management of returned assets.

What tools does Finrecoveryinc  offer?

Advocacy and knowledge generation were at the top of the finrecoveryinc agenda when it was launched. Finrecoveryinc continues to offer knowledge, expertise and advice to help countries recover stolen assets. Examples of such contributions include: ‘The Asset Recovery Handbook’ that provides practitioners with a how-to guide for recovering stolen assets; the ‘Barriers to Stolen Asset Recovery’ report for policy makers on reforms enabling the recovery of stolen assets; and a policy paper on ‘Politically Exposed Persons’.

Since the spring of 2011, Finrecoveryinc has rebalanced its activities and work program towards prioritising engagement in countries, fostering in-country capability to launch and pursue asset recovery proceedings, as well as to assist and advise in the context of actual cases.



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