Africa’s Push for Asset Recovery Gains Momentum: Experts Embrace CAPAR
By Patience Ikpeme
Anti-corruption experts in Africa have thrown their weight behind the Common African Position on Asset Recovery (CAPAR), heralding it as a pivotal step in reclaiming and managing Africa’s assets situated in foreign jurisdictions.
During the sidelines of the 10th Conference of States Parties at the Georgia World Congress Centre in Atlanta, United States, key figures such as Mr. Gilbert Phiri, Director of Public Prosecutions of Zambia, and Dr. Roger Koranteng, Head of Public Sector Governance and Peace Directorate of the Commonwealth Secretariat, emphasized the need for unified action under CAPAR.
This biennial event gathers anti-corruption law practitioners, policymakers, private sector representatives, and civil society members to revitalize the fight against corruption.
Mr. Phiri emphasized the urgency for African nations to enact legislation establishing bodies dedicated to overseeing asset recovery and management. He stressed, “CAPAR underscores the necessity for bodies to facilitate the recovery and management of returned assets. In Zambia, we’re initiating this process through legislation. We’ve encountered challenges in the past where recovered assets were mismanaged or lost.”
Highlighting the disconnect between African and foreign jurisdictions as a significant hurdle in asset recovery, Phiri advocated for mutual respect between regions to ensure the proper utilization of repatriated assets. “Africa demands respect in this process. Stolen assets must return and benefit African nations promptly,” he insisted.
Dr. Koranteng echoed these sentiments, emphasizing the detrimental impact of corruption and illicit financial flows on Africa’s socioeconomics. He underscored the importance of repatriating stolen assets to bolster Africa’s development and align with Sustainable Development Goals.
Both experts emphasized the imperative for African countries to unite in supporting CAPAR’s goals, stressing the necessity of political will among African leaders. The recent formal adoption of CAPAR by the African Union stands as a critical step towards curbing illicit financial flows from the continent.
CAPAR serves as an instrumental policy advocating the tracing, identification, repatriation, and effective management of African assets, including cultural heritage items. It stands as Africa’s premier tool in restructuring the return of stolen assets from foreign jurisdictions to their rightful African origins.
Discussions revolving around CAPAR, Illicit Financial Flows, Asset Recovery, Beneficial Ownership, Misuse of Corporate Vehicles, Civil Society’s Role in Addressing Corruption Enablers, and Reducing Gender Inequalities were prominent during the breakout sessions at the 10th COSP in Atlanta, Georgia.
