The Puppet Masters: How the Corrupt Use Legal Structures to Hide Stolen Assets and What to Do About It

Les Marionnettistes: Comment dissimuler les bien mal acquis derrière des structures juridiques, et que faire pour l'empêcher

Emile van der Does de Willebois, Emily M. Halter, Robert A. Harrison, Ji Won Park and J. C. Sharman

No 2363 in World Bank Publications - Books from The World Bank Group

Abstract: This report, the puppet masters, deals with the corporate and financial structures that form the building blocks of hidden money trails. In particular, it focuses on the ease with which corrupt actors hide their interests behind a corporate veil and the difficulties investigators face in trying to lift that veil. It serves as a powerful reminder that recovering the proceeds of corruption is a collective responsibility that involves both the public and private sector. Law enforcement and prosecution cannot go after stolen assets, confiscate and then return them if they are hidden behind the corporate veil. All financial centers and developed countries have committed, through the UN Convention against Corruption and international anti-money laundering and countering the financing of terrorism standards, to improving the transparency of legal entities and other arrangements. This report provides evidence of how far we still have to go to make these commitments a reality. Narrowing the gap between stated commitments and practice on the ground has a direct impact on actual recovery of assets.

Keywords: Private; Sector; Development-E-Business; Law; and; Development-Corporate; Law; Law; and; Development-Legal; Products; Public; Sector; Corruption; and; Anticorruption; Measures; Finance; and; Financial; Sector; Development-Bankruptcy; and; Resolution; of; Financial; Distress; Public; Sector; Development (search for similar items in EconPapers)
Date: 2011
ISBN: 978-0-8213-8894-5
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Citations: View citations in EconPapers (8)

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