The African Union (AU) has taken a significant step in the fight against corruption by formally adopting the Common Africa Position on Asset Recovery (Capar). This groundbreaking instrument aims to identify and recover stolen assets from Africa, stashed away in foreign countries.
“Capar is already fully operational,” announced AU Advisory Board Against Corruption (AUABC) Executive Secretary Charity Nchimunya. This marks a crucial turning point in the struggle against illicit financial flows and the draining of Africa’s wealth.
Nchimunya emphasized the critical role Capar plays in combating corruption across the continent. With its ability to track down and recover stolen assets, this initiative holds immense potential to positively impact the fight against graft.
Capar was formally endorsed by the AU during a 2020 meeting in Kigali, Rwanda. Its mandate is clear: identify stolen assets hidden abroad and facilitate their return to Africa.
Capar will closely collaborate with anti-corruption agencies in countries facing rampant grand corruption. This collaborative approach ensures concentrated efforts to tackle this complex issue.
Mechanism for Justice
“After years of struggle,” Nchimunya declared, “a mechanism for recovering stolen assets is finally in place.” Capar empowers African nations to reclaim their stolen wealth, paving the way for a brighter future.
Capar’s scope extends beyond stolen funds, encompassing illicitly acquired assets like natural resources and African artifacts. Additionally, it tackles abusive transfer pricing, trade mis-invoicing, and other financial crimes.
The instrument also addresses assets derived from money laundering, smuggling, trafficking, and abuse of entrusted power, ensuring a comprehensive approach to combating illicit financial flows.
Nchimunya expressed optimism: “Stolen money from Africa stashed in foreign banks can now be recovered.” With Capar in operation, African nations can finally take action to reclaim their rightful resources.
Building on Capar’s foundation, AUABC has established clear guidelines for recovering illicitly acquired assets. This comprehensive framework ensures a structured and efficient process for asset recovery.
