Corruption Essay

987 Words4 Pages
Thus the purpose of this essay is to critically discuss whether the current regime of tracing/ repatriated stolen and corrupted attained wealth, is praiseworthy and effective. In order to address this topic it is necessary to examine why there is a need for such a system to be effective. Some Academics argue that, “it wasn’t until the attacks of 11th September 2001 that concerted, coordinated international efforts began to catch the launders. Among the many lessons learned from that day was that without laundered money there would be no terrorism, so regulations were passed to try and stop the funding of the militant activities.” Thus the aftermath of the 9/11 attacks created better international attention in this area of law. This indicates that there was a lack of general awareness of the legal framework and mechanisms in place to combat corruption and a lack of public knowledge of the duties of certain institutions. There are many factors that contribute to the regime of tracing and these in short will be discussed to gain a better perspective to evaluate the effectiveness of the present system. Additionally I will analyse the role of banking confidentiality, namely in western countries such as Switzerland and the United Kingdom (UK), as this area of law plays a fundamental role in retrieving the stolen funds. Furthermore I will evaluate whether there should be international responsibility under international laws on those states and businesses that directly or indirectly engage or encourage international corruption by acting as receptacles for ‘dodgy capital’. There will also be an examination of fascinating cases involving corruption, to illustrate how the effectiveness of tracing the stolen funds can prove to be a difficult matter. Thus providing me with assistance in whether there is need for development in tracing and the procedural steps that can be taken

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