Global sanctions against corruption and asset recovery: a European approach
| DOI | https://doi.org/10.1108/JMLC-10-2021-0120 |
| Published date | 14 December 2021 |
| Date | 14 December 2021 |
| Pages | 4-13 |
| Subject Matter | Accounting & finance,Financial risk/company failure,Financial compliance/regulation,Financial crime |
| Author | Georgios Pavlidis |
Global sanctions against
corruption and asset recovery:
a European approach
Georgios Pavlidis
Faculty of Law, Neapolis University, Paphos, Cyprus
Abstract
Purpose –This paper aims to critically examine whether it is timely and actionable for the European Union
(EU) to adopt a global sanctions regime against corruption and how such a regime can be designed to maximise
its efficiency. This paper argues that developing such a dedicated framework is necessary, feasible and supportive
of the international fight against corruption and the efforts to enhance the recovery of corruption proceeds.
Design/methodology/approach –This paper draws on reports, legislations, legal scholarships and
other open-sourcedata on global sanctions against corruptionand the recovery of corruption proceeds.
Findings –This paper argues in favour of a dedicated globalsanctions regime against corruption, which is
necessaryto mitigate significant risks for the EU internal market.
Originality/value –To the best of the authors’knowledge, this studyis one of the first to examine recent
legislative developments, such as the EU Global HumanRights Sanctions Regime and the UK Global Anti-
Corruption SanctionsRegulations, and the possible development of an EU-dedicated global sanctionsregime
againstcorruption with strong asset recovery components.
Keywords Corruption, Money laundering, Asset recovery, Magnitsky Act, Global sanctions,
Kleptocrats, Confiscation
Paper type Research paper
1. Introduction
The systemic corruption of public officials has severe adverse effects on economic, political
and social life; it undermines public trust, the rule of law, the protection of human rights and
the functioning of democratic institutions while negatively affecting foreign investment,
economic development and the functioning of free markets (Scholl and Schermuly, 2020;Aidt,
2009;Uslaner, 2008;Akçay, 2006). Motivated by the prospect of illicit financial and/or political
gains, corrupt public officials abuse their authority, accept bribes and/or misappropriate
public funds; thus, disregarding public interest and ultimately undermining economic
development and fairness of institutions. To make things worse, corruption has been shown to
be self-reinforcing, and the incentives for the commission of corruption offenses have become
strongeras the phenomenonbecomes more widespread(Stephenson, 2020).
Measuring corruption accurately is a daunting task, and various methodologies have
been used in this regard, such as perceptionsurveys and experience-based surveys (Holmes,
2015;UNODC, 2015). Nevertheless, due to the inherent obscure nature of the phenomenon,
With the support of the Erasmus1Programme of the European Union. This publication reflects only
the author’s view and the Education, Audiovisual and Culture Executive Agency and the European
Commission are not responsible for any use that may be made of the information.
Funding: With the support of the Erasmus1Programme of the European Union (EACEA), Jean
Monnet Chairs Program.
JMLC
26,1
4
Journalof Money Laundering
Control
Vol.26 No. 1, 2023
pp. 4-13
© Emerald Publishing Limited
1368-5201
DOI 10.1108/JMLC-10-2021-0120
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