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"
04:34aIran will not let any country replace its oil in the market - ministry
RE
04:29aBASF : Plans Multimillion-Euro Investment in Silica Plant
DJ
04:18aNIGERIA : President Buhari commends African Development Bank's transformative role
PU
04:08aOutput at South Africa's Amplats hit by Eskom power cuts
RE
04:08aWARP FACTOR : Asia's LNG markets distorted by oil price surge
RE
04:08aPETA PEOPLE FOR ETHICAL TREATMENT OF ANIMALS : New USDA Citation for Duncan Slaughterhouse—PETA Demands Charges
PU
04:08aPORK EXPO CALLED OFF, BUT ANTI-PORK ADS ARE ON : ‘All Beings Bleed the Same'
PU
03:54aADB chief says bank will continue to grant loans to China
RE
03:41aSouth Africa's rand dips as global growth fears, oil spike stokes risk-off
RE
03:40aHighlights - BOJ Governor Kuroda comments at news conference
RE
Latest news "Economy & Forex"
Advertisement