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The puppet masters : how the corrupt use legal structures to hide stolen assets and what to do about it
 
Author:Willebois, Emile van der Does de; Halter, Emily M.; Harrison, Robert A.; Park, Ji Won; Sharman, J. C.; Collection Title:Stolen Asset Recovery (StAR) initiative
Country:World; Date Stored:2011/11/04
Document Date:2011/11/03Document Type:Publication
SubTopics:Public Sector Corruption & Anticorruption Measures; Bankruptcy and Resolution of Financial Distress; Legal Products; Corporate Law; E-BusinessISBN:978-0-8213-8894-5
Language:EnglishMajor Sector:Public Administration, Law, and Justice; Finance
Rel. Proj ID:1W-The Misuse Of Corporate Vehicles- An Evidenced Based Approach -- -- P117221;Region:The World Region
Report Number:65125Sub Sectors:General finance sector; General public administration sector; Law and justice
TF No/Name:TF094538-STAR - MISUSE OF CORPORATE VEHICLESVolume No:1 of 1

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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