Our partners and team of asset recovery specialists in Mozambique are celebrating the entry into force of a new law on asset recovery. It significantly extends Mozambique’s capability to recover illicit assets arising from corruption and other criminal activity.
We’re delighted about the signing of a trilateral agreement on the return of illicitly acquired assets to Peru.
This practical handbook by the Stolen Assets Recovery (StAR) Initiative of The World Bank and UNODC seeks to guide practitioners in the complex process of recovering stolen assets that have been hidden abroad. It covers strategic, organisational, investigative, and legal challenges of recovering assets. The Handbook also "provides common approaches to recovering stolen assets located in foreign jurisdictions, identifies the challenges that practitioners are likely to encounter, and introduces good practices".
I recently participated in a panel on the role of non-state actors in the recovery of stolen assets and proceeds of corruption at the 2020 International Anti-Corruption Conference, at which I presented the so-called “Russian arms dealer case”. The case is relatively small in monetary terms – around USD 700,000 plus interest – but hugely significant in terms of asset recovery efforts and international co-operation.
Peru’s Attorney General’s Office has recorded another successful use of its non-conviction based confiscation law, extinción de dominio, to recover stolen assets from abroad.
The case involves around USD 8.5 million plus interest frozen in a bank account in Switzerland since 2004. The assets derived from contracts for the purchase of overvalued MiG-29 and Sukhoi Su-25 aircraft during the government of Alberto Fujimori.
This speech was given at a preparatory meeting for the UN General Assembly Special Session (UNGASS) against Corruption in 2021.
It deals with non-conviction based confiscation as a method to recover assets stolen through corruption, and how challenges in international cooperation in these cases can and should be overcome.
Senior Asset Recovery Specialist Oscar Solorzano has emphasised some of the key opportunities and challenges of non-conviction based confiscation laws at a preparatory meeting for the UN General Assembly Special Session (UNGASS) against Corruption in 2021.
Congratulations to the trailblazing Ethics and Anti-Corruption Commission (EACC) of Kenya, whose latest figures show recovered assets worth a total of KES 29.8 billion (over USD 271 million). KES 20.5 million of this, or around USD 187 million at current exchange rates, was collected in the last five years.