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.
Details
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Author
Halter,Emily Marie, Harrison,Robert Mansour, Park,Ji Won, Sharman,Jason Campbell, Van Der Does De Willebois,Emile J. M.
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Document Date
2011/11/03
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Document Type
Publication
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Report Number
65125
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Volume No
1
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Total Volume(s)
1
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Country
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Region
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Disclosure Date
2011/11/03
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Disclosure Status
Disclosed
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Doc Name
The puppet masters : how the corrupt use legal structures to hide stolen assets and what to do about it
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Keywords
Combating the Financing of Terrorism;beneficial ownership;legal entities;legal entity;turks and caicos islands;piercing the corporate veil;company registry;registrar of company;limited liability company;law enforcement agencies;personal property security;legal and accounting;due diligence requirement;law and regulation;level of compliance;peer review process;collection of information;form of corruption;offshore financial center;law enforcement official;jurisdiction to jurisdiction;recovery of asset;professional service providers;gap in knowledge;sum of money;party in interest;mutual legal assistance;international standard;grand corruption;business relationship;corrupt official;corporate registry;legal arrangement;risk analysis;natural person;tax haven;legal privilege;legal person;stolen assets;ownership information;
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Citation
Halter,Emily Marie Harrison,Robert Mansour Park,Ji Won Sharman,Jason Campbell Van Der Does De Willebois,Emile J. M.
The puppet masters : how the corrupt use legal structures to hide stolen assets and what to do about it (English). Stolen Asset Recovery (StAR) initiative Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/784961468152973030/The-puppet-masters-how-the-corrupt-use-legal-structures-to-hide-stolen-assets-and-what-to-do-about-it