The Puppet Masters : How the Corrupt Use Legal Structures to Hide Stolen Assets and What to Do About It
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 an...
| Main Authors: | , , , , |
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| Format: | Publication |
| Language: | English |
| Published: |
World Bank
2012
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| Subjects: | |
| Online Access: | http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000386194_20111104035215 http://hdl.handle.net/10986/2363 |
| Summary: | 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. |
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