The African Union Advisory Board Against Corruption (AUABC) and the Pan African Lawyers Union (PALU) jointly highlighted the significance of the Common African Position on Asset Recovery (CAPAR) in reclaiming and managing African assets situated in foreign jurisdictions.

AUABC, PALU  Highlight Vital Role Of CAPAR In Asset Recovery

7 months ago
1 min read

The African Union Advisory Board Against Corruption (AUABC) and the Pan African Lawyers Union (PALU) jointly highlighted the significance of the Common African Position on Asset Recovery (CAPAR) in reclaiming and managing African assets situated in foreign jurisdictions.

In a series of addresses on the sidelines of the Tenth Conference of States Parties (COSP) to the United Nations Convention against Corruption (UNCAC) held at the Georgia World Congress Centre in Atlanta, Hon. Seynabou Ndiaye Diakhate, Chairperson of AUABC, and Mr. Donald Deya, Chief Executive Officer of PALU, elucidated on the critical role that CAPAR plays in facilitating the identification, recovery, and proper handling of assets pilfered from the continent.

Diakhate emphasized the platform CAPAR provides for strengthening the tracing and retrieval of stolen assets, affirming the AUABC’s commitment to collaborating with all stakeholders to ensure the repatriation of African assets held abroad.

Speaking on behalf of PALU, Deya underscored CAPAR’s significance as a policy advocacy instrument. He delineated the four Pillars of CAPAR, emphasizing its role in assisting African Union Member States to detect, recover, manage assets, and establish cooperative partnerships for this purpose.

READ ALSO: EFCC Vows Action Against Corruption, Promises Global Collaboration For Fund Recovery

Moreover, Deya disclosed that the CAPAR Working Group had developed a draft Legal Framework for Asset Recovery by African States, including proposals for the establishment of an Escrow Account for AU Member-States, highlighting efforts aimed at practical implementation.

The discussions at the conference breakout sessions revolved around key themes such as CAPAR, Illicit Financial Flows, Asset Recovery, Beneficial Ownership, Misuse of Corporate Vehicles, Civil Society’s Role in Addressing Enablers of Corruption and Reducing Gender Inequalities.

Further input came from Prof. Bolaji Owasanoye, the Immediate Past Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), stressing the necessity for wider dissemination of CAPAR principles and capacity building among stakeholders.

Supporting this sentiment, Ambassador Segun Apata, a member of the Thabo Mbeki-Led-African Union High-Level Panel on Illicit Financial Flows, urged continued advocacy on asset recovery in both international and regional forums, affirming the need to keep this issue at the forefront of discussions.

The UNCAC conference provided a platform for these influential voices to underscore the significance of CAPAR in reclaiming African assets, advocating for broader awareness and enhanced cooperation to combat illicit financial flows and ensure the rightful return and management of these assets to benefit African nations.

emmmmmm

Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.


MOST READ

Follow Us

Latest from Africa

Kenyan Protests: President Ruto Dissolves Cabinet

Kenyan Protests: President Ruto Dissolves Cabinet

Ruto’s Bold Move In a decisive response to ongoing anti-government protests, Kenyan President William Ruto announced the dissolution of his entire cabinet. “I have decided to dismiss with immediate effect all the
Intra-Africa Trade: Nigeria Ranks Fourth, Follows South Africa, Cote d’Ivoire, Egypt

Intra-Africa Trade: Nigeria Ranks Fourth

Nigeria’s Trade Performance Nigeria has emerged as the fourth-largest contributor to intra-Africa trade in 2023, trailing behind South Africa, Cote d’Ivoire, and Egypt, according to the Africa Trade Report 2024 by the
Liberian President Joseph Boakai Cuts Salary By 40% To Strengthen Fiscal Integrity

Liberian President Joseph Boakai Cuts Salary By 40%

Liberian President, Joseph Boakai, has taken a step towards ensuring fiscal integrity and national financial security by voluntarily reducing his salary by 40%. This announcement was made public through a statement on