In this well-documented and incisive piece, Vlasic and Cooper make a strong case for the vital importance of improving international stolen asset recovery* efforts directed at corrupt public officials, or “Politically Exposed Persons,” as they are known. Because of the many obstacles that successful international asset recovery* faces, including limited legal precedent, non-cooperation of offshore financial centers and “domestic political interference,” the repatriation of funds that have been stolen from national treasuries around the world has been disappointing – and limited.
Vlasic and Cooper stress that the benefits of recovery are not only financial but also serve to deter future corruption by disgorging “the illicit fortunes” of deposed leaders. By reviewing the success to date of the United Nations StAR (Stolen Asset Recovery*) initiative and the Swiss Restitution of Illicit Assets (RIAA) legislation that took effect in February 2011, Vlasic and Cooper convincingly make the case that progress is being made and could continue to help in bringing stolen money back home for the benefit of the local citizens. It is a massive task.
Mark V. Vlasic is an adjunct professor of law at Georgetown University Law Center and senior fellow at Georgetown's Institute for Law, Science & Global Security, is a partner at Madison Law and Strategy Group and the former head of operations of the World Bank's StAR Initiative where he served on the Duvalier/Haiti asset recovery team*.
Gary Cooper, a former Fulbright Scholar at the International Centre for Asset Recovery. is a student at the University of Texas School of Law.
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