15IACC

8 November 17:30 – 19:30

LEFT OUT OF THE BARGAIN – Settlements in foreign bribery cases and their effects on asset recovery

Session Description

LEFT OUT OF THE BARGAIN – Settlements in foreign bribery cases and their effects on asset recovery
organized by

The Stolen Asset Recovery Initiative (StAR) of the World Bank and the United Nations Office on Drugs and Crime

in collaboration with

The International Centre for Asset Recovery

Session Abstract
Asset Recovery is a core element of the global anti-corruption agenda and a key objective of the United Nations Convention against Corruption (UNCAC) in its overall aim to end impunity. The Convention creates multiple avenues for States parties to cooperate with each other in the detection, seizing, freezing and confiscation as well as the recovery and return of the proceeds of corruption. Yet, the global aspiration that bribe givers and bribe takers are to be deprived of their gains and that such gains are to be returned to their rightful owners remains far from being a reality.

The StAR Initiative of the World Bank and the United Nations Office on Drugs and Crime is presently in concluding a study of 366 settled cases with a view to analyzing the practice of settlements in transnational bribery cases and their implications for the recovery and return of assets. The study points to significant monetary sanctions in absolute terms imposed as part of settlements, exceeding USD 6.2 billion. Yet, only 3 percent of that amount has been returned to countries whose officials have been bribed. Moreover, in the majority of settlements, the countries whose officials were bribed neither have been directly or indirectly involved in the negotiations of the terms of the settlements nor have they found any other means to obtain redress. At the same time, the International Centre for Asset Recovery and the Universidad de San Andrés, Argentina, are conducting a study aimed at reviewing options for aligning enforcement practice under the OECD Convention on Foreign Bribery with UNCAC objectives, in particular in relation to the recovery and return of assets to countries whose public officials have been bribed by foreign companies from OECD Convention signatory states.

The purpose of the workshop will be to inform the global policy debate around settlements in foreign bribery cases and their effects on international cooperation and asset recovery. As such the Workshop will help to address perceptions by providing facts and figures. The Workshop will explore the following core questions:

1) Are settlements creating impediments to international cooperation and/or asset recovery?
2) Is the practice of settlements in its current form affecting the implementations of the relevant UNCAC provisions? AND
3) Who has legitimate claims to the proceeds of corruption recovered in the context of settlements?

The workshop, under the moderation of Mr. Luiz Navarro, Deputy Minister, Office of the Comptroller General, will feature a presentation (10-12 minutes) by Mr. Oliver Stolpe, Senior Advisor, StAR, of the key findings of the above mentioned study focusing on the nature of settlements, their implications for cases being pursued in multiple jurisdictions, as well as the effects on international cooperation and asset recovery. Following, the three panellists: Mr. Gulliermo Jorge, Consultant, ICAR; Representative of the US DoJ (tbd) and Mr. Emmanuel Akomaye, Secretary to the Economic and Financial Crimes Commission, Nigeria will in 5-7 minutes interventions comment on the findings of the study and share their own perspective on the three core questions. Thereafter, the Moderator will conduct an open discussion engaging all participants. Ms. Brigitte Strobel-Shaw, Chief, Convention Support Section, Corruption and Economic Crime Branch, UNODC, will act as the workshop Rapporteur.

Session coordinator’s name:
Mr. Oliver Stolpe
Stolen Asset Recovery Initiative of the World Bank and UNODC

Session /Moderator
Mr. Luiz Augusto Fraga Navarro de Britto Filho
Deputy Minister
Office of the Comptroller General, Brazil

Experts
Mr. Gulliermo Jorge
International Centre for Asset Recovery, Basel Institute

Mr. Emmanuel Akomaye
Economic and Financial Crimes Commission (EFCC), Nigeria

Representative
Department of Justice, USA

Rapporteur
Ms Brigitte Strobel-Shaw
United Nations Office on Drugs and Crime

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