The World Bank has joined with the United Nations in a broad new effort to help developing nations recover billions of dollars of looted funds.
The initiative launched today estimates between US$1 trillion and US$1.6 trillion is lost each year to various illegal activities including corruption, criminal activity such as drugs, counterfeit goods, money, and illegal arms trade, and tax evasion.
In announcing the plan, Secretary General of the United Nations Ban Ki-moon, World Bank President Robert B. Zoellick, and Executive Director of the UN Office on Drugs and Crime (UNODC), Antonio Maria Costa, said a truly international effort is needed to ensure looted assets are returned to their rightful owners.
"Both developed and developing countries must work in partnership,” says Zoellick. “Developing countries need to improve governance and accountability, but developed countries should also stop providing a safe haven for stolen proceeds."
See full Press Release.
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