G8 action on asset recovery for the Arab world

The G8 have just released an ambitious and comprehensive asset recovery action plan as part of the Deauville Partnership with Arab Countries in Transition.

It is timely and necessary to reinforce the momentum behind stolen asset recovery processes. The first step by G8 countries was to freeze the accounts of the authoritarian leaders Mubarak, Ben Aliand Gaddafi after their fall from power last year, based on the allegation that the assets held had been illicitly acquired from state coffers. However, there has been too little progress made in returning those assets.

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No Impunity for Corrupt Dictators

The recent events in Tunisia and Egypt have demonstrated the power of citizens who won’t endure corrupt governments any longer. Their call for accountable and transparent leadership to ensure an equal distribution of public goods was heard around the world.

In France, the UK and Switzerland governments heeded calls to freeze and investigate the assets of ex-president of Tunisia Ben Ali and ex-president of Egypt Hosni Mubarak and their families. There should be no impunity for those who wield power for their own benefit and not for their people.

The international community has a duty to act. Effective international action against misappropriation of funds and money-laundering sends the message to corrupt politicians and business people all over the world that they will not be able to hide their assets easily anymore. In November last year the G20 signed on to a comprehensive Anti-Corruption Action Plan.

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