Asset Recovery Handbook eveloping countries lose billions each year through bribery, misappropriation of funds, Dand other corrupt practices. Much of the proceeds of this corruption find “safe haven” in the world’s financial centers. These criminal flows are a drain on social services and economic development programs, contributing to the impoverishment of the world’s poorest countries. Many developing countries have already sought to recover stolen assets. A number of successful high-profile cases with creative international cooperation has demonstrated Asset Recovery Handbook that asset recovery is possible. However, it is highly complex, involving coordination and collaboration with domestic agencies and ministries in multiple jurisdictions, as well as the A Guide for Practitioners, Second Edition capacity to trace and secure assets and pursue various legal options—whether criminal confiscation, non-conviction based confiscation, civil actions, or other alternatives. A Guide for Practitioners, This process can be overwhelming for even the most experienced practitioners. It is exception- ally difficult for those working in the context of failed states, widespread corruption, or limited Jean-Pierre Brun resources. With this in mind, the Stolen Asset Recovery (StAR) Initiative has developed and Anastasia Sotiropoulou updated this Asset Recovery Handbook: A Guide for Practitioners to assist those grappling with Larissa Gray the strategic, organizational, investigative, and legal challenges of recovering stolen assets. Clive Scott A practitioner-led project, the Handbook provides common approaches to recovering stolen assets located in foreign jurisdictions, identifies the challenges that practitioners are likely to Kevin M. Stephenson encounter, and introduces good practices. It includes examples of tools that can be used by Second Edition practitioners, such as sample intelligence reports, applications for court orders, and mutual legal assistance requests. StAR—the Stolen Asset Recovery Initiative—is a partnership between the World Bank Group and the United Nations Office on Drugs and Crime that supports international efforts to end safe havens for corrupt funds. StAR works with developing countries and financial centers to prevent the laundering of the proceeds of corruption Gray • Scott Stephenson and to facilitate more systematic and timely return of stolen assets. Brun • Sotiropoulou ISBN 978-1-4648-1616-1 90000 9781464 816161 SKU 211616 Asset Recovery Handbook Stolen Asset Recovery (StAR) Series StAR—the Stolen Asset Recovery initiative—is a partnership between the World Bank Group and the United Nations Office on Drugs and Crime (UNODC) that supports international efforts to end safe havens for corrupt funds. StAR works with developing countries and financial centers to prevent the laundering of the proceeds of corruption and to facilitate more systematic and timely return of stolen assets. StAR also engages with global organizations and policy makers, including at the Conference of the States Parties (COSP) to the United Nations Convention against Corruption (UNCAC), the G-8, the G-20, and the Financial Action Task Force (FATF) to influence and shape the international asset recovery agenda. The Stolen Asset Recovery (StAR) Series supports the efforts of StAR and the UNODC by providing practitioners with knowledge and policy tools that consolidate interna- tional good practice and wide-ranging practical experience on global issues concerning anticorruption and asset recovery efforts. For more information, visit www.worldbank .org/star. Titles in the Stolen Asset Recovery (StAR) Series Stolen Asset Recovery: A Good Practices Guide for Non-Conviction Based Asset Forfeiture (2009) by Theodore S. Greenberg, Linda M. Samuel, Wingate Grant, and Larissa Gray Politically Exposed Persons: Preventive Measures for the Banking Sector (2010) by Theodore S. Greenberg, Larissa Gray, Delphine Schantz, Carolin Gardner, and Michael Latham Asset Recovery Handbook: A Guide for Practitioners (2011) by Jean-Pierre Brun, Larissa Gray, Clive Scott, and Kevin M. Stephenson Barriers to Asset Recovery: An Analysis of the Key Barriers and Recommendations for Action (2011) by Kevin M. Stephenson, Larissa Gray, Ric Power, Jean-Pierre Brun, Gabriele Dunker, and Melissa Panjer The Puppet Masters: How the Corrupt Use Legal Structures to Hide Stolen Assets and What to Do about It (2011) by Emile van der Does de Willebois, Emily M. Halter, Robert A. Harrison, Ji Won Park, and J. C. Sharman Public Office, Private Interests: Accountability through Income and Asset Disclosure (2012) On the Take: Criminalizing Illicit Enrichment to Fight Corruption (2012) by Lindy Muzila, Michelle Morales, Marianne Mathias, and Tammar Berger Few and Far: The Hard Facts on Stolen Asset Recovery (2014) by Larissa Gray, Kjetil Hansen, Pranvera Recica-Kirkbride, and Linnea Mills Left Out of the Bargain: Settlements in Foreign Bribery Cases and Implications for Asset Recovery (2014) by Jacinta Anyango Oduor, Francisca M. U. Fernando, Agustin Flah, Dorothee Gottwald, Jeanne M. Hauch, Marianne Mathias, Ji Won Park, and Oliver Stolpe Public Wrongs, Private Actions: Civil Lawsuits to Recover Stolen Assets (2015) by Jean- Pierre Brun, Pascale Helene Dubois, Emile van der Does de Willebois, Jeanne Hauch, Sarah Jaïs, Yannis Mekki, Anastasia Sotiropoulou, Katherine Rose Sylvester, and Mahesh Uttamchandani Getting the Full Picture on Public Officials: A How-To Guide for Effective Financial Disclosure (2017) by Ivana M. Rossi, Laura Pop, and Tammar Berger Going for Broke: Insolvency Tools to Support Cross-Border Asset Recovery in Corruption Cases (2020) by Jean-Pierre Brun and Molly Silver Asset Recovery Handbook: A Guide for Practitioners, Second edition (2021) by Jean- Pierre Brun, Anastasia Sotiropoulou, Larissa Gray, Clive Scott, and Kevin M. Stephenson All books in the StAR Series are available free at https://openknowledge.worldbank .org/handle/10986/2172. Asset Recovery Handbook A Guide for Practitioners, Second Edition Jean-Pierre Brun Anastasia Sotiropoulou Larissa Gray Clive Scott Kevin M. Stephenson 2021 International Bank for Reconstruction and Development / The World Bank 1818 H Street NW, Washington, DC 20433 Telephone: 202-473-1000; Internet: www.worldbank.org Some rights reserved 1 2 3 4 24 23 22 21 This work is a product of the staff of The World Bank with external contributions. The findings, interpretations, and conclusions expressed in this work do not necessarily reflect the views of The World Bank, its Board of Executive Directors, or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judgment on the part of The World Bank concerning the legal status of any territory or the endorsement or acceptance of such boundaries. 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