On the recordMay 14, 2019
I thank the gentlewoman for her leadership on the committee and on this issue and for yielding me this time. The opportunity that we have today here to present the Kleptocracy Asset Recovery Rewards Act is a very important moment. I also want to thank my colleagues, the gentleman from North Carolina (Mr. Budd) and also the gentleman from Tennessee (Mr. Cohen), who have also contributed hard work in developing and cosponsoring this legislation. Foreign dictators who rob the treasuries of developing nations, where independent judiciaries are rare, and the rule of law is often weak, is not a new problem; but, unfortunately, it is a growing problem. It is now estimated that more than $1 trillion is lost to bribes and official corruption around the world each year. A significant portion of those illicit proceeds are used to support organized crime and terrorist organizations, further destabilizing the social institutions where this corruption occurs, often in developing countries who can least afford it. This undermines the local rule of law and contributes to the regional insecurity and instabilities in neighboring countries. Governments that are weakened by corruption have fewer resources to provide basic services, to establish a stable business climate, and to create jobs. They also have fewer resources to devote to building strong law enforcement and judicial institutions to combat exploitation by terrorists and criminal organizations.…
