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[T941.Ebook] Ebook Free The Despot's Guide to Wealth Management: On the International Campaign against Grand Corruption, by J. C. Sharman

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The Despot's Guide to Wealth Management: On the International Campaign against Grand Corruption, by J. C. Sharman

The Despot's Guide to Wealth Management: On the International Campaign against Grand Corruption, by J. C. Sharman



The Despot's Guide to Wealth Management: On the International Campaign against Grand Corruption, by J. C. Sharman

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The Despot's Guide to Wealth Management: On the International Campaign against Grand Corruption, by J. C. Sharman


An unprecedented new international moral and legal rule forbids one state from hosting money stolen by the leaders of another state. The aim is to counter grand corruption or kleptocracy ("rule by thieves"), when leaders of poorer countries―such as Marcos in the Philippines, Mobutu in the Congo, and more recently those overthrown in revolutions in the Arab world and Ukraine―loot billions of dollars at the expense of their own citizens. This money tends to end up hosted in rich countries. These host states now have a duty to block, trace, freeze, and seize these illicit funds and hand them back to the countries from which they were stolen. In The Despot's Guide to Wealth Management, J. C. Sharman asks how this anti-kleptocracy regime came about, how well it is working, and how it could work better. Although there have been some real achievements, the international campaign against grand corruption has run into major obstacles. The vested interests of banks, lawyers, and even law enforcement often favor turning a blind eye to foreign corruption proceeds. Recovering and returning looted assets is a long, complicated, and expensive process.

Sharman used a private investigator, participated in and observed anti-corruption policy, and conducted more than a hundred interviews with key players. He also draws on various journalistic expos�s, whistle-blower accounts, and government investigations to inform his comparison of the anti-kleptocracy records of the United States, Britain, Switzerland, and Australia. Sharman calls for better policing, preventative measures, and use of gatekeepers like bankers, lawyers, and real estate agents. He also recommends giving nongovernmental organizations and for-profit firms more scope to independently investigate corruption and seize stolen assets.

  • Sales Rank: #74087 in Books
  • Published on: 2017-03-07
  • Original language: English
  • Dimensions: 9.00" h x .75" w x 6.00" l,
  • Binding: Hardcover
  • 274 pages

Review

"The Despot's Guide to Wealth Management is a very fine piece of work. In this exceptionally accessible book, J. C. Sharman provides a clear-sighted critique of grand corruption control efforts, offers very thoughtful interpretation of a range of legal cases and national practices, and juxtaposes rhetoric and claims in official settings with evidence of practice."―Michael Levi, Cardiff University, author of The Phantom Capitalists: The Organization and Control of Long-Firm Fraud and member of the European Commission's Group of Experts on Corruption



"The Despot's Guide to Wealth Management is a novel take on the conditions that shape nations' willingness and capacity, first, to enact laws to deter the influx of illicit finance (specifically kleptocrats' illegal assets) and, second, to take action to prosecute incidences of kleptocracy and return stolen assets to 'victim’ countries. The case studies in the book―the United States, the UK, Switzerland, and Australia―are peppered with highly entertaining stories of scandals that have triggered (or not) host country action, with requisite attention to the nonresponse of home countries. This highly teachable book should be welcomed by national-level policymakers and practitioners at major international organizations."―Catherine Weaver, Lyndon B. Johnson School of Public Affairs, The University of Texas at Austin, author of Hypocrisy Trap: The World Bank and the Poverty of Reform

About the Author

J. C. Sharman is Sir Patrick Sheehy Professor of International Relations at the University of Cambridge. He is the author of The Despot's Guide to Wealth Management: On the International Campaign against Grand Corruption, The Money Laundry: Regulating Criminal Finance in the Global Economy, and Havens in a Storm: The Struggle for Global Tax Regulation, all from Cornell, and coauthor most recently of International Order in Diversity: War, Trade and Rule in the Indian Ocean.

Most helpful customer reviews

3 of 3 people found the following review helpful.
Receiving our own stolen money
By David Wineberg
It took until the 1990s for the West to admit that its donations to developing nations were largely stolen by local officials. Finally embarrassed as to how useless it has all been, the UN and the World Bank both instituted programs to recover stolen funds. (In the West, bribery is more common than theft, to the point where it was until recently a deductible expense. As a proportion of the economy, it is trivial.) Since then, various nations have slowly come around to implementing laws whereby they can seize and repatriate assets. Sharman focuses on four of them: Switzerland, Australia, UK and USA. This is the juicy theme of The Despots’ Guide to Wealth Management.

Sharman says many of the world’s governments are actually “criminal conspiracies” for elites to “plunder the countries they rule”. Even (if not especially) candidates who run on anti-corruption platforms turn out to be as corrupt as any, blocking investigations while spending billions abroad as the nation starves. Not caring where the money came from, many countries love the influx of currency. Australia in particular says it is nobody’s business as long as it is put to legitimate use in Australia. So it has become famous for noncooperation and even obfuscation of victim countries’ efforts. It has also become a prime attraction for Chinese and Papua New Guinea billions. China estimates several hundred billion dollars has gone missing, and well over ten thousand nationals have been buying houses, apartments and businesses overseas – then following along (usually via a third country to avoid suspicion) once their families are safely ensconced.

The game is rife with hypocrisy. While Xi Jinping purges 180,000 officials for corruption, his own family has suddenly been able to purchase tens of millions worth of Hong Kong and Chinese luxury real estate. Possibly more obnoxious is the USA, where the government berates banks for not catching deposits of ill-gotten wealth, while the government itself welcomes the same criminals to state dinners, debt forgiveness and billions in more aid.

Sharman is not the easiest author to read. He is laborious, constantly telling readers what he is about to say in the next few paragraphs and telling them that he has already mentioned some fact or person several times in previous paragraphs or chapters. Getting to the point is not a priority of his. But the basic investigative facts are impressive and revealing. What has been recovered is a rounding error on the total, and the patchwork of laws does little to crack the overall scheme of money laundering. Sharman sees little light on the horizon; laws will remain weak or unused, reporters will find out more than prosecutors, and the lawyers will continue to do best of all.

David Wineberg

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