Africa is estimated to lose an unbelievable USD 88.6 billion (3.7% of Africa’s GDP) each year to illicit financial flows, of which corruption is a major component. Rooting out corruption is a collective effort, and the private sector has a major role to play in laying down the foundations for clean business environments and sustainable development.
Asset recovery refers to the process by which the proceeds of crime are identified, traced, seized, confiscated and returned to their rightful owners. Generally speaking, States need to lead the process of recovering stolen assets.
However, civil society organisations (CSOs) can play an important role in the different stages of the asset recovery process.