Financial Sector

Financial Sector: key partner in efforts

The financial sector is a key partner in efforts to both stem the illicit flows of corruption, and recover stolen assets.

StAR has undertaken several projects that provide policy analysis and advocate for measures that the financial sector can adopt that will support asset recovery activities.

Specifically, StAR has completed a study, Politically Exposed Persons: Preventive Measures for the Banking Sector, addressing the use of lists of politically exposed persons as a tool that can be used by financial institutions, as well as law enforcement and oversight bodies.  The Puppet Masters study highlights how legal entities and arrangements can be abused to dissimulate ownership and control of stolen assets -- and put forward far reaching and operational recommendations to address this critical challenge.

StAR has engaged over the last years in dialogue with the Wolfsberg Group on the importance for the financial sector to fully play its role in preventing and detecting proceeds of corruption.

 

Publications

The Puppet Masters: How the Corrupt Use Legal Structures to Hide Stolen Assets and What to Do About It
This new StAR report examines how bribes, embezzled state assets and other criminal proceeds are being hidden via legal structures – shell companies, foundations, trusts and others. The study also provides policy makers
Politically Exposed Persons: Preventive Measures for the Banking Sector
Combines policy recommendations and good practices aimed at making it harder for corrupt Politically Exposed Persons (PEPs) to launder their money, and make it easier to get stolen assets back.