Corporate fraud: mechanisms for recovering assets taken out of the country
Russia has stepped up development of mechanisms aiming at the return from abroad of capital lost as a result of economic crimes. The need for doing this was announced by the chairman of the Investigative Committee of Russia at the end of September 2014. A month earlier, the Russian General Prosecutor proposed to foreign colleagues the conclusion of agreements on the return of confiscated property. On this wave, on 23 September 2014, the State Duma passed during first reading the anti-corruption legislation proposed by the President of Russia. The amendments give the general prosecutor’s office the right to claim, in arbitration courts, the return of illegally acquired state and municipal property. However, the protection of private assets, taken abroad as a result of criminal acts, for now remains without proper regulation. (This legal update is available only in Russian)
