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Emerging Trends in Asset Recovery

Gretta Fenner-Zinkernagel, Charles Monteith and Pedro Gomes Pereira

Street protests in the ‘Arab Spring’ countries have illustrated that public demand for recovering stolen assets has grown exponentially, as have expectations by concerned populations and governments. From a topic discussed in expert forums, it has thus become a topic of the people. The question is: Have practitioners and policy makers delivered on these expectations?
Clearly, since the ratification of the UN Convention against Corruption (UNCAC) ten years ago, much progress has been made in streamlining respective legal and institutional frameworks. On the other hand, we also find that practical successes on the ground remain few and far apart, and largely limited to a handful of countries.
This book asks why and, through the voice of renowned practitioners from a broad range of affected countries, analyses challenges that remain, identifies new stumbling blocks that have cropped up, and discusses practical solutions that are being tested with a view to overcoming these.
The book is published by the Basel Institute on Governance’s International Centre for Asset Recovery (ICAR).

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Contents MARK PIETH Preface: Are we recovering any assets yet? ......................................... xi ANDREW DORNBIERER AND GRETTA FENNER ZINKERNAGEL Introduction ........................................................................................ xv Contributors ...................................................................................... xxv About the Basel Institute on Governance ...................................... xxxiii Acknowledgements ........................................................................ xxxv Abbreviations ................................................................................ xxxvii Road to recovering stolen assets Part 1: The Arab spring ARNOLD HOTTINGER Two years later: The Arab revolutions in transition ........................ 3 A. SAAD, U. FELLER AND M. FREY, K. SHAH AND CH. WELSH Recovering stolen assets: The Egyptian perspective ..................... 17 Part 2: Practice in financial centres FREDERIC RAFFRAY The rule of law and ‘Tommy Suharto’ – son of (former) President Suharto ................................................. 29 vi MARIA SCHNEBLI Lessons learned from the past: Today’s response from requested countries .................................. 51 Major stumbling blocks Part 1: Technical JASON SHARMAN Shell companies and asset recovery: Piercing the corporate veil ............................................................. 67 MARKUS E. SCHULZ Beneficial ownership: The private sector perspective ................... 75 MELIS MAMBETZHANOV Money laundering, corruption and the collapse of kleptocracies .................................................................................. 83 S ANTONIO MARQUES Political immunities: Obstacles in the fight against corruption ..... 93 RUDOLF WYSS Proactive cooperation within the mutual legal assistance procedure ..................................................................................... 105 Part 2: Political and practical MARCUS DAVIES Asset recovery: An ongoing dialogue ......................................... 117 ILVIO vii OLIVIER LONGCHAMP AND MARK HERKENRATH Money laundering, liability and sanctions for financial intermediaries – the issue of having the assets of politically exposed persons in Switzerland ................................................... 127 TILL FÖRSTER Between restoration, adaptation and appropriation: Governance in post-conflict Côte d’Ivoire .................................. 137 JESSE MWANGI WACHANGA Hurdles in asset recovery and fighting corruption by developing countries: The Kenya experience .............................. 147 Emerging trends, good practice Part 1: Overarching themes...

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