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World Money Laundering Report Volume 15 Number 4 is published 31 August 2016

 

World Money Laundering Report Volume 15 Number 4 World Money Laundering Report Volume 15 Number 4 is now available for download by Site Licence holders.

In this issue:

 

Plunder and corruption by state officials: an action plan for dealing with proceeds of suspected or proven offences.

 

This page may be cited as www.worldmoneylaunderingreport.com/public/F0H

 

The cases of moneys transferred overseas by corrupt officials are legion.

An anti-corruption "summit" held in London in April failed to address the two most important issues:

1) why are governments so reluctant to take action in relation to funds that are patently suspicious?
and

2) if governments do take action to confiscate funds found or suspected to be the proceeds of plunder or corruption, how are they to deal with the money?

This issue of WMLR contains analysis and our recommendations.

"We are as concerned as the World Bank about accountability. If such repatriated funds have been misapplied in the past, I assure you that the same will not happen with us.

"Three hundred and twenty million dollars is a lot of money and we will not allow it to be misappropriated or diverted.’’

Nigeria's President Buhari to Mdm. Sri Mulyani Indrawati at a meeting with the then World Bank Managing Director in Abuja in April 2016.

Plunder and corruption by state officials: an action plan for dealing with proceeds of suspected or proven offences..................................................11
Example: The Abacha Millions............................13
Abacha's death started a global treasure hunt.......21
Shortcomings in the system for taking rapid action against proceeds of plunder and corruption. ........................................................................23
PEPs and Diplomatic Immunity..........................33
The Plan...........................................................37
1. Setting the stage for action.............................37
2. Action...........................................................38
3. Return and distribution of funds.......................39

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