Global Framework for Efficient Asset Recovery Guidelines
The Global Framework for Asset Recovery, guided by the UNCAC, emphasizes returning stolen assets to combat corruption effectively. The UNCAC obligates signatory countries to return funds under specific conditions, promoting transparency and accountability in the asset return process. Stakeholders advocate for practical guidelines for efficient asset recovery, reflecting principles from GFAR and civil society for accountable asset return.
Download Presentation
Please find below an Image/Link to download the presentation.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author. Download presentation by click this link. If you encounter any issues during the download, it is possible that the publisher has removed the file from their server.
E N D
Presentation Transcript
Intersessional seminar on the negative impact of the non- repatriation of funds of illicit origin to the countries of origin on the enjoyment of human rights Session 2: Options for a non-binding set of practical guidelines for efficient asset recovery Rev. David Ugolor Executive Director, ANEEJ 8th February 2022
Global Framework for Asset Recovery The UNCAC provides a framework for countries to adapt laws to facilitate tracing, freezing, forfeiting, and returning of funds and other property obtained through corrupt activities The proceeds of crimes covered by UNCAC that is, bribery, embezzlement of public funds, money laundering and trading in influence and other abuses of official functions must be returned to the requesting state in accordance with Article 57(3)(a) and (b) when the conditions therein are satisfied However, in cases which involve overseas requests for the return of such proceeds where there has been no conviction of any person, Article 57(3)(c) makes asset return discretionary
Global Framework for Asset Recovery Most countries that are signatory to UNCAC like the UK and other are obligated to return funds where the conditions for mandatory return are met For emphasis - it is an imperative to return stolen assets to their rightful owners and the victim of corruption as required by UNCAC, to make a strong statement that corrupt leader cannot act with impunity Globally, there have some level of consensus among stakeholders in navigating the challenges in asset recovery architecture, which has reflected some practical guidelines for efficient asset recovery
Global Framework for Asset Recovery Some of these issues are reflected in the Global Forum on Asset Recovery (GFAR) principles, and the civil society principles for accountable asset return which .were developed through an extensive consultative process involving civil society organisations from across the world leading up to the UNGASS against corruption in June 2021 The principles acknowledge that the asset return process should be transparent, accountable and in the best interests of both the requested and requesting state
Guidelines for efficient asset recovery It should guarantee greater transparency and more inclusive stakeholder consultation in how returns are negotiated civil society organisations should be part of the process of asset returns in a way that is transparent, competitive and fair And to also monitor the utilization of the asset to prevent re-looting
Guidelines for efficient asset recovery Examples exist with the return of $322.5m Abacha loot from Swiss to Nigeria ANEEJ through the MANTRA project is currently monitoring the use of the fund for cash transfer in Nigeria There was consultation with CSOs in the negotiation process There is also high level collaboration between government and CSOs in implementing a framework for a transparent process
Guidelines for efficient asset recovery There has been successful collaboration between Nigerian government and other jurisdiction Swiss, UK, New Jersey, US etc There should be consistency in the legal framework and clarify criteria for asset return The process for CSOs participation should be formalized There should be public consultation on the use of the asset, such that the public can contribute to how the asset will be used
Guidelines for efficient asset recovery The guidelines should state clearly the conditions for asset return All document relating to the asset recovery process should be published for public assess as reflected in the recently released UK framework for asset recovery Better integration of different anti-corruption and anti-money laundering strategies is needed, especially in terms of communication
