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U.N. and World Bank Launch Program to Seize Assets of Corrupt Leaders
By Brian Orsak
printThe United Nations and World Bank have launched a program to help developing countries seize stolen funds kept in the accounts of institutions in developed countries. Called the Stolen Asset Recovery (STAR) Initiative, the program will provide training and aid for developing countries that seek to recover funds taken by corrupt leaders and transferred to financial institutions in foreign jurisdictions. Money returned through the program, which the U.N. and World Bank estimate could reach as high as $20 billion to $40 billion a year, will be reinvested in social programs. Developing countries have trouble repatriating assets stolen by corrupt former...
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