The writer argues that tracing claims, whether at law or equity, are restitutionary in nature, and a restitutionary framework can be used to rationalize this area of the law. In consequence, the threshold for tracing in equity and some of the received learning on common law tracing require re-examination, and the divergent outcomes at law and equity after a successful tracing exercise should be rationalized. In addition, the restitutionary liability of the agent who receives a bribe and the recipient who claims from such an agent is explicable on tracing principles.