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Corruption: Overseas Looting of Public Assets

Answer

There is no reliable estimate of the extent of corrupt misappropriation or looting of public assets in developing countries or of the facilitation of this by United Kingdom nationals or companies. The Government take very seriously the issue of the corrupt misappropriation of public assets in developing countries and foreign bribery by UK companies and nationals. The Government will fund a new international corruption group to strengthen the UK's capacity to investigate and hence detect, deter and prosecute corruption occurring between developed and developing countries. The Overseas Anti-Corruption Unit within the City of London Police will increase the capacity to investigate, and to bring to successful prosecution, cases of foreign bribery by UK businesses and nationals operating in developing countries. The Proceeds of Crime Team within the Metropolitan Police will increase the capacity to investigate and recover the proceeds of money-laundering by politically exposed persons, through the UK's financial system. Assets will be recovered and returned to their country of origin. The repatriation of stolen assets will provide these countries with additional resources for poverty reduction. The UK also works internationally to provide assistance, under the mutual legal assistance scheme, in situations where individuals or Governments in developing countries want to bring a prosecution against one of their own nationals residing in the UK. The Government are also working through the United Nations Convention Against Corruption (UNCAC) to improve international co-operation on asset repatriation. UNCAC allows the freezing of assets to take place at an earlier stage. We plan to play a constructive role at the first conference of parties to UNCAC in Jordan in December.

Secondary information

Type

Written question

Reference

60; 687 c39-40WA

Session

2006-07

Subjects

Corruption Developing countries Overseas companies

Link

View this Written question on www.publications.parliament.uk