New World Bank Report Analyses Trends Across More Than A Decade

A new report from the World Bank has revealed that a growing number of settlements are being reached in cases related to foreign bribery.
 
The new study by the Stolen Asset Recovery initiative, called Left Out Of The Bargain, assessed the scope and value of settlements in foreign bribery cases between 1999 and 2012, specifically examining cases where such settlements were agreed in different locations to where the bribery occurred.
 
One of the key findings was that only a small amount of money – around three per cent – was returned or ordered to be returned to the countries where the bribery is believed to have taken place.
 
The report concluded that more should be done to ensure settlements have an international dimension, with recommendations including more transparency on settlements, further proactivity and information sharing among jurisdictions and expansion of legal avenues for those seeking redress.
 
Dimitri Vlassis, of the UN Office On Drugs And Crime, said there has been “considerable progress” in the fight against foreign bribery.

He added: “More can and should be done to ensure that these efforts contribute also to asset recovery, which is a critical objective of the UN Convention Against Corruption. The return of assets to affected countries should be systematically integrated into the settlement processes and outcomes.”

Expert Opinion

These new statistics from the World Bank make interesting reading putting a spotlight on trends regarding the investigation and prosecution of bribery cases. <br/> <br/>"Of course one of the key issues raised is the issue of returning assets to the affected countries. The effect of corruption in many countries has a hugely destabilising impact and in some instances the economies of such countries are seriously undermined by the effects of this dishonest activity at nearly every level. The impact of bribery and corruption on international trade and transactions is increasingly significant. There is clearly much to be done to improve the repatriation of these stolen funds. <br/> <br/>"It will be interesting to follow the steps which authorities, including the World Bank, take to ensure that the return of these funds becomes a key part in the settlement of these cases."