Recovery of Corrupt Assets
As CRT Chair Lord Daniel Brennan, QC, proposed in 2006 the flight of wealth from poor and developing countries, money usually obtained immorally or illicitly or sent abroad illegally (so-called "dirty money") retards not only the economic growth of such countries but also their development of more just and accountable political regimes respectful of human rights and democratic norms.
Under CRT leadership, a Steering Committee was formed last year to study and propose the formation of a private-sector organization to seek out, recover and repatriate the proceeds of grand corruption which are "stashed" in wealthy countries, often with the use of secrecy or tax-haven jurisdictions. CRT Global Executive Director, Steve Young, is the facilitator of the Steering Committee, which met recently to review a proposed business plan drafted by Chris Pierce. The Committee hopes to have a proposal ready for public consideration by the late Spring.
On March 23rd, CRT Global Executive Director Steve Young and CRT Participant Raymond Baker will present the foreign policy case for recovery of corrupt assets at the U.S. State Department. Mr. Baker is the author of "Capitalism's Achilles Heel," the leading study of the challenge of "dirty money" to our global quest for prosperity and justice for all.
(This news clip was first posted on the Caux Round Table portal front page on 16th March 2009)