Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 
All NewsEconomyCurrencies / ForexCryptocurrenciesEconomic EventsPress releases

CBO Congressional Budget Office : H.R. 389, Kleptocracy Asset Recovery Rewards Act

share with twitter share with LinkedIn share with facebook
share via e-mail
0
04/15/2019 | 05:48pm EDT

H.R. 389 would amend federal law to establish within the Department of the Treasury the Kleptocracy Asset Recovery Rewards Program. H.R. 389 defines kleptocracy as a government with corrupt leaders that use their power to exploit their people and natural resources to extend their personal wealth and political power. The bill would authorize the appropriation of $450,000 for rewards to individuals providing information to the government about such assets of a corrupt foreign government that are on deposit with a U.S. financial institution. CBO estimates that implementing H.R. 389 would cost less than $500,000; any spending would be subject to the availability of appropriated funds.

Most of the bill's provisions would codify existing policy and practice. There is a Kleptocracy Asset Recovery Initiative within the Department of Justice that investigates and prosecutes corrupt foreign leaders. Since 2010 the Initiative has helped repatriate more than $150 million in assets to foreign governments that was previously lost to corruption. In addition, the Department of State and the Internal Revenue Service have similar programs.

Under H.R. 389, any funds recovered by the Treasury from such corrupt governments in future years would be available for such rewards. Treasury also would report to the Congress on the implementation of the program. It is unclear whether any assets seized by the government from U.S. financial institutions on behalf of the rightful owners of those assets could be used by the federal government to reward informers. Generally when the federal government takes control of assets that belong to others, those amounts are considered nonbudgetary and their collection and disbursement do not affect the deficit.

Disclaimer

CBO - Congressional Budget Office published this content on 15 April 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 15 April 2019 21:47:08 UTC

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Economy & Forex"
05:14pCommunications Services Flat as Traders Hedge on Growth Prospects -- Communications Services Roundup
DJ
05:11pTech Down as Momentum Fades -- Tech Roundup
DJ
05:09pFinancials Down After Mixed Earnings -- Financials Roundup
DJ
05:07pConsumer Cos Down as Fed Policy Fears Offset Retail-Sales Strength -- Consumer Roundup
DJ
05:00pIOWA CORN GROWERS ASSOCIATION : Welcomes RAGBRAI Cyclists with the Delicious One Percent
PU
04:59pHealth Care Down on Regulatory, Litigation Trepidation -- Health Care Roundup
DJ
04:46pU.S. SEC chief says he has not met with Facebook since Libra announcement
RE
04:41pIndustrials Up After Production Data -- Industrials Roundup
DJ
04:40pMaterials Tick Up on Mixed Fed Messages -- Materials Roundup
DJ
04:36pEnergy Down as US-Iran Tensions Subside -- Energy Roundup
DJ
Latest news "Economy & Forex"
Advertisement