Skip to main content

Asset Recovery Can Work Amidst Challenges,- StAR Asset Recovery Watch Database

As prosecutors and international police agencies strengthen their efforts to combat corruption, a new online database is logging efforts by national prosecutorial authorities to recover proceeds from corruption and return them to their country of origin.

Launched by the Stolen Asset Recovery (StAR) Initiative, a joint program of the World Bank Group and the United Nations Office on Drugs and Crime (UNODC), the StAR Asset Recovery Watch is a research project that systematically compiles information on past and current recovery cases involving corruption. It details 75 cases involving 52 countries of origin of corrupt public officials and 34 jurisdictions from which stolen assets have been recovered since 1980. All of the cases were initiated by individual countries, and none of the cases involved prosecutions or asset recoveries through World Bank or StAR efforts. The database was compiled using government-sanctioned official documents that are already available to the public, such as texts of court judgments and orders, as well as government press releases.

"This tool gives governments and prosecutors an opportunity to show their achievements in the recovery of the proceeds from corruption and return of assets to the countries of origin. As the name suggests, this resource also allows the general public and civil society to verify whether political intentions are matched by concrete action in practice," said Emile van der Does de Willebois, World Bank Senior Financial Sector Specialist and manager of the StAR Asset Recovery Watch.

The compilation of cases reflects the difficult work in the area of international asset recovery that is being carried out by investigators, prosecutors, and courts all over the world. The largest reported return more than $1 billion was retrieved by Nigeria from Switzerland in the case involving former Nigerian leader Sani Abacha. In another case, over half a billion dollars was recovered from around the world and returned to Kuwait in a case involving the Kuwait Investment Organization.

What this database shows is that asset recovery works. We also very much hope that providing direct and easy access to this information will improve understanding of how asset recovery works, as well its challenges and help trigger even stronger collective mobilization to recover stolen assets said Jean Pesme, Manager of the World Banks Financial Market Integrity Program and StAR Coordinator.
While it is the most extensive database of its type to date, the StAR Asset Recovery Watch is still in the early stages of development. With help from governments, public and private practitioners, and civil society organizations, it will continue to be updated periodically.

The StAR Asset Recovery Watch is part of the StAR Initiatives support for efforts of policymakers and practitioners to eliminate safe havens for the proceeds of corruption

Comments

Popular posts from this blog

MTN Ghana & MTN MoMo CEOs win laurels at Ghana CEO Awards

  The Chief Executive Officer of MTN Ghana, Selorm Adadevoh ,   has been adjudged  CEO of the Year  –  Telecom  at the  2 nd  edition of the  Ghana CEO  Vision  and  Awards   held  in Accra. At the same event, the CEO of Mobile Money Limited (MTN MoMo), Shaibu Haruna was also adjudged CEO of the Year – FinTech Service Provider. Selorm  Adadevoh’s award  is in recognition  of  his   achievements   in the areas of   sustainability, leadership excellence, innovation and others  in the telecoms space  which  has contributed to  job creation to support the  growth of Ghana’s economy. Patrick Afari (r), General Manager, Supply Chain Management and General Services receiving CEO of the Year – Telecom Award on behalf of Selorm Adadevoh Receiving the award on behalf of Selorm, Patrick Afari, General Manager, Supply Chain Management and General Services ,  expressed appreciation to the organizers for the award. He  noted that  th e  award will go a long way to inspire MTN to do more for Ghanaian

EB-ACCION DISBURSES US$15 MILLION

By Fred SARPONG Ecobank-Accion (EB-Accion), a partnership between Ecobank Ghana Limited and Accion International has disbursed amount to the tune of $15 million to over 36,000 borrowers in Micro, Small and Medium Enterprises (MSMEs) sector in the country, since the institution was set up barely six months ago. Frances Adu-Mantey, the Managing Director of EB-Accion disclosed this to Business Week in Accra last week during the official opening of Accion Hub headquarters in Africa. The institution’s current portfolio stands at GH¢4 million. She stated that currently, EB-Accion have over 6100 customers who save with them throughout the four branches of the institution. According to her, in order to improve the services of the institution, Ecobank Share Services center will facilitate the technology aspect of the bank by networking all the branches of EB-Accion. Maria Otero, President and Chief Executive Officer of Accion International said that the center’s staff in Accra will provide supp

Amantin & Kasei Community Bank posts impressive growth, with over GH¢1m profit

 Amantin and Kasei Community Bank, at Amantin in the Bono East Region has posted impressive growth in all the performance indicators during 2022 financial year under review. The bank recorded profit after tax of GH¢1,055,662, representing 35.66% more over the 2021 figure of GH¢778.151. This achievement stemmed out of 49.24% gross income growth from GH¢8,143,526 to GH¢12,153,537. Total deposits of the bank went up by 36.20%, changing from GH¢50,959,848 in 2021 to GH¢69,405,591 in 2022. The bank increased loans and advances by 22.15% from GH¢14,128,017 to GH¢17,257,614. Total assets showed an appreciation of 29.32%, amounting to GH¢77,918,288 as against GH¢60,250,693 in the previous year. On the other hand, the bank posted a marginal increase in short term investments portfolio from GH¢24,439,761 to GH¢26,585,698, indicating 8.78% change. The Chairman of Board of Directors, Amantin and Kasei Community Bank, Dr. John Oduro-Boateng, disclosed this during the 18th annual general meeting of