Africa Unites to Reclaim Stolen Wealth
By Patience Ikpeme
The African Union Advisory Board Against Corruption (AUABC) and the Pan African Lawyers Union (PALU) have hailed the Common African Position on Asset Recovery (CAPAR) as a game-changer in the fight against stolen African assets stashed away in foreign jurisdictions.
Speaking at the 10th Conference of States Parties (COSP) to the UN Convention Against Corruption (UNCAC), Chairperson of the AUABC, Hon. Seynabou Ndiaye Diakhate, and PALU Chief Executive Officer, Mr. Donald Deya, emphasized the vital role CAPAR plays in tracing, identifying, and recovering plundered wealth.
Diakhate pledged the AUABC’s unwavering commitment to working with all stakeholders to ensure the return of stolen assets, reaffirming Africa’s resolve to hold accountable those who siphon away its resources.
Deya shed light on CAPAR’s comprehensive framework, highlighting its four pillars: identifying stolen assets, facilitating their recovery, managing them transparently, and fostering international cooperation. He further revealed the development of a draft Legal Framework for Asset Recovery, including a model agreement for repatriation and a proposal for an African Union Escrow Account to manage recovered funds.
These announcements resonated deeply with participants at the 10th COSP, with Illicit Financial Flows, Asset Recovery, and Beneficial Ownership topping the agenda in breakout sessions. Notably, former ICPC chairman Prof. Bolaji Owasanoye emphasized the need for greater dissemination of CAPAR principles and capacity building for key players involved in the repatriation process.
He advocated for leveraging platforms like the COSP to amplify CAPAR’s message and ensure its principles reach beyond the conference walls. Ambassador Segun Apata, a member of the Thabo Mbeki-Led African Union High Level Panel on Illicit Financial Flows, echoed this sentiment, urging continued advocacy for CAPAR on both international and regional stages.
The 10th COSP witnessed a vibrant exchange of ideas and strategies amongst African nations and their partners in the fight against corruption. The focus on CAPAR signifies a collective commitment to reclaiming Africa’s stolen wealth and utilizing it for the benefit of its people. With united voices and a roadmap like CAPAR, Africa is poised to rewrite its narrative, transforming stolen assets into engines of development and a brighter future for generations to come.
