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
exposes, 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.
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