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Common Law Legal Systems Model Legislative Provisions on Money Laundering, Terrorism Financing, Preventive Measures and Proceeds of Crime

image of Common Law Legal Systems Model Legislative Provisions on Money Laundering, Terrorism Financing, Preventive Measures and Proceeds of Crime

Corruption undermines the rule of law, good governance, and sustainable growth and development. Most countries have prohibited all forms of corruption, yet corruption persists due largely to a lack of appropriate strategies and structures to inhibit it. Such strategies include effective and comprehensive legal frameworks to prevent, punish and take the profit out of corruption.

The Common Law Legal Systems Model Legislative Provisions aims to enable Commonwealth countries to evaluate measures that can be incorporated into domestic law to prevent, detect, and effectively sanction money laundering and terrorism financing and to recover the proceeds of crime.

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Asset Management

Effective proactive asset management is critical to the success of any forfeiture legislation, criminal or civil. If assets are allowed to dissipate or disappear, the forfeiture programme will be undermined. In jurisdictions that have provided for this role to be carried out by traditional court-appointed receivers, it has proven to be very costly in terms of net recoveries and has occasionally led to enforcement authorities having to pay monies to the receiver out of taxpayer funds, because the assets recovered have proven to be insufficient to cover the cost of the receiver. Accordingly, this part seeks to identify a role for an employee within the enforcement authority whose responsibility will be to manage, and if necessary realise, property subject to court orders. Drafters will wish to consider whether they can legislate for property managers in a discrete way as is suggested in these model legislative provisions so that the role of the property manager is not different whether the order appointing him or her is made in criminal, civil or cash forfeiture regimes.

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