Africa Demands Action on Stolen Assets: Illicit Financial Flows Under Fire
By Patience Ikpeme
The African Group at the United Nations has rallied the world against the scourge of illicit financial flows (IFFs) draining the continent. Addressing the Tenth Conference of States Parties to the UN Convention Against Corruption (UNCAC), group leader Ambassador Chola Milambo expressed deep regret over the rampant theft of African assets and demanded their return.
“The African Group condemns the alarming rise of IFFs from Africa. Asset recovery is the bedrock of UNCAC, and we urge member countries to repatriate stolen wealth back to its rightful home” declared Milambo, Zambia’s Permanent Representative to the UN.
Recognizing the crippling impact of IFFs on Africa’s development aspirations, Milambo endorsed the recommendations of the UN High-Level Panel on Illicit Financial Flows, stressing their potential to unlock the continent’s true potential towards achieving the Sustainable Development Goals (SDGs).
The African Group’s call extends beyond simply reclaiming stolen assets. Milambo also denounced the nefarious role of foreign corporations in fostering corruption and bribery, demanding robust global action to curb their corrupt practices.
“Fighting corruption is a shared global responsibility,” he emphasized. “We must establish a universal minimum standard to hold all actors accountable.”
Nigeria, deeply scarred by the consequences of IFFs, echoed this sentiment. Attorney General and Minister of Justice Hon. Lateef Fagbemi lamented the billions lost to corruption and money laundering, highlighting Nigeria’s unwavering commitment to tackling these vices. He pointed to the establishment of a beneficial ownership register as a critical step towards transparency and asset recovery.
Ghana, another strong voice in the chorus against IFFs, expressed unwavering support for the African Union’s Common African Position on Asset Recovery (CAPAR). This crucial policy instrument empowers African nations to trace, identify, and reclaim their stolen assets, ensuring they benefit the people who were plundered.
The unwavering demands of the African Group at UNCAC mark a new chapter in the fight against IFFs. Their call for global cooperation resonates with the aspirations of millions across the continent who yearn for a future free from the shackles of stolen wealth and injustice.
By uniting voices and pushing for tangible action, Africa is steadily reclaiming its rightful place on the global stage, one repatriated asset at a time.
