Recovery of Assets Withdrawn from the Russia’s Economy and Hidden in Foreign Jurisdictions

Abstract

For two recent decades capital outflow poses a serious threat to the economic security of Russia. The proceeds of corruption are withdrawn from circulation and hidden in foreign countries hindering our state from developing properly and improving living standards of the people. The volume of withdrawn assets is immense and according to various estimates amounts to of US$ 1 trillion for two decades. The State should not only halt illegal capital outflow from the national economy but also recover the assets already hidden in foreign jurisdictions. The article provides a brief analysis of the asset recovery from abroad, describes ways and methods the law enforcement and other state authorities use to identify and repatriate assets. It also comes to a conclusion that the state economic security system is to be improved in the concerned area.

Keywords

• capital flight
• asset recovery
• international cooperation
• economic security