It is difficult to overestimate the importance of fighting international money laundering and grand corruption.
It is difficult to overestimate the importance of fighting international money laundering and grand corruption. These problems usually go far beyond affected states. The International Monetary Fund, which is an organization of 187 countries, and other international donors have to bear The financial burden of “closing the gaps” in the budgets of states suffering from corruption and money laundering, thus making it an international financial problem. The Recent loan program of International Monetary Fund for Ukraine, amounts to $17 billion. This money must be withdrawn from other economies.
At the same time corrupt governments are highly unlikely to utilize such loans in a proper manner. Recently UK and international donors suspended payments of $490m to Tanzania following claims that high-ranking officials siphoned off funds from the country’s central bank. And even if funds are being used according to the agreement, new financial gaps occur through ongoing corruption and embezzlement.
According to various evaluations the former Ukrainian President Viktor Yanukovich, his family and top officials of his government, together known as “The Family”, amassed more than 200 billion US Dollars, most of which they hid abroad. This sum equals the entire Ukrainian budget and exceeds its international debts.
It is also reported that the Gaddafi family could have billions of dollars of funds hidden in secret bank accounts. And many of them are in European banks thus making them part of the schemes.
Such assets are traceable, even though it is difficult, as they are usually registered on third parties, and nevertheless could be recovered. This, however, often requires not only political will of the leaders of states suffering from corruption, but international cooperation and sometimes intrusion, especially if certain governments are reluctant to persecute their former or current authorities. Because corrupt states, such as Ukraine have developed a tradition of passing anti-corruption legislation, which instead of fighting corruption, promotes it.
Furthermore, in Ukraine as in other kleptocracies, the old corrupt establishment never goes away completely.
Thus it is very important to work on the development of international rules, which will be able to establish boundaries for corrupt regimes and international legal framework with improves effectiveness of current anti-money laundering legislation. Especially because money laundering often becomes a vehicle of financing of terrorism.
Until then the question is: How long USA and Europe are ready to pay for Ukrainian mistakes?
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