On the Stolen Asset Recovery (StAR) Initiative
Transparency International (TI) welcomes the Stolen Asset Recovery (StAR) Initiative of the World Bank and United Nations. It is an important element of the Bank’s comprehensive attack on corruption. The programme, which will provide resources to help countries locate and repatriate assets lost through illicit acts, is a wake-up call to those who steal and to those who facilitate or harbour stolen assets.
Corruption’s drain on resources available to alleviate poverty, disease and illiteracy is profound. The annual cross-border flow of proceeds from criminal activity, corruption and tax evasion is estimated by the StAR report at between US $1 trillion and US $1.6 trillion. Furthermore, bribes received by public officials from developing and transition countries are estimated at US $20 to $40 billion annually. Indeed, these estimates are roughly equivalent to the Bank’s total annual lending portfolio.
Transparency International has long called for action to end safe havens for such funds and to secure their return to their rightful owners. Our national chapters around the world actively supported inclusion of strong provisions for this purpose in the UN Convention against Corruption (UNCAC) in order to ensure cooperation between developing and developed countries.
See full Press Release.
Posts
