Recovery of Assets Tied to Corruption Hampered by Lack of Political Will, Says Ex-FDIC Official

The United Nations and the World Bank estimate that $45 billion a year is lost to corruption, which contributes to poverty, disease and environmental destruction around the globe, according to Jack Smith, of the Caux Roundtable, a group that will try to recover assets tied to government corruption when it launches in January. One problem the group will face is a lack of political will on the part of world leaders to go after stolen money. Efforts to reclaim money from a former president or other high ranking official often leads back to those currently in power who don't want...