Doha, December 16 (QNA) - A special session on new mechanisms of recovering stolen assets as a path full of obstacles, held during the 11th session of the Conference of the States Parties to the United Nations Convention against Corruption, examined the legal and practical challenges facing cross-border asset recovery and explored ways to strengthen complementary mechanisms to enhance deterrence and ensure the return of stolen funds for development and public benefit.
The session brought together international experts and officials from South Africa, Nigeria, the Netherlands, Canada, and Lebanon, specializing in justice, anti-corruption, and financial investigations.
Speakers stressed the importance of political will, capacity-building, information-sharing, and the role of modern institutional and technological frameworks in overcoming procedural complexities and ensuring the return of assets to affected countries, in support of the rule of law and sustainable development.
Participants agreed that grand corruption is a major obstacle to financing for development and that asset recovery is a cornerstone of any serious anti-corruption strategy. Beyond restoring confidence in justice institutions, recovering stolen funds deprives corrupt actors of illicit gains, strengthens deterrence, and redirects resources toward the public good.
Discussions highlighted the complexity of asset recovery in an interconnected financial system, where illicit funds can be moved within hours across multiple jurisdictions through shell companies and bank accounts in global financial centers.
Speakers pointed to the lack of unified international standards for information exchange and the heavy reliance on bilateral or limited cooperation arrangements as key challenges for national authorities.
A major concern raised was the role of enablers of corruption, including financial and legal intermediaries, who help conceal illicit proceeds while often evading accountability due to fragmented jurisdictions.
Participants noted that focusing solely on corrupt officials, without addressing these networks, undermines asset recovery efforts.
The session also underscored the value of legal frameworks that allow for asset recovery without requiring a final criminal conviction, citing practical experiences where such approaches accelerated confiscation, provided that due process, transparency, and proper management of recovered assets are ensured.
At the international level, speakers called for stronger regional and global coordination, enhanced use of advanced asset-tracing tools, and expanded roles for international organizations, including INTERPOL, in supporting cross-border freezing and confiscation.
The session concluded that asset recovery is not merely a technical process, but a human rights issue, as corruption deprives communities of resources meant for education, healthcare, and infrastructure, underscoring the need to ensure stolen assets are returned to the people, their rightful owners. (QNA)