President Obama put the issue of corruption on the agenda again when he visited Kenya this month. He highlighted corruption as a business inefficiency which would reduce employment levels.
Complex
Obiamaka Madubuko, co-chair of the Foreign Corrupt Practices Act (FCPA) & International Anti-Corruption Group at McDermott Will & Emery, said: ‘It is hard to identify and trace these stolen funds as an initial matter as they often involve complex banking and third party transactions that make them difficult to track and once the funds are identified.’
Competing interests
She continued: ‘Getting them repatriated back to their respective countries of origin will involve balancing competing interests of state sovereignty, fears of future diversion or misappropriation, and all stakeholders gaining comfort with understanding how the money will ultimately be used and accounted for - all of which can present significant stumbling blocks during the negotiation process.’
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