In an article published in the Fall 2024 issue of the Bulletin of the International Academy of Financial Crime Litigators, Oscar Solórzano describes an asset recovery case between Peru and Luxembourg involving a businessman named James Stone.

It provides insight into some of the challenges that some States face in recovering proceeds of corruption from international financial centres, despite the binding rules and soft laws adopted in recent years. It looks at both the mutual legal assistance (MLA) process and the legal defences raised by the account holder – who admitted to the corrupt dealings and has since fled to the United States.

The case offers important lessons for States either holding or seeking to recover assets linked to historical acts of corruption.

This is the fourth issue of The Academy's Bulletin. It has been established to transmit the work of Academy Fellows, draw attention to matters of importance to the legal community and provide high-level analysis of cutting-edge issues in global financial crime investigations and litigation. The Basel Institute on Governance acts as Secretariat to the Academy.