AFRICA: Africa’s Fight against Illicit Financial Flows and renewed calls to Return Stolen Assets

The fight against corruption has contributed significantly to the on-going transformation of economies across the continent and reinforces the determination towards achieving inclusive and sustainable development as envisaged in Africa’s Agenda 2063.
These strides in the fight against corruption have been supported by legal and policy frameworks such as the African Union’s Convention on Preventing and Combatting Corruption (AUCPCC).

The need to focus on the impact of corruption was solidified in 2018 whichwas designated as the African Anti-Corruption Year, during which the African Union reflected on the effectiveness of the approaches used to fight corruption on the continent and, purposely focused activities to enhance the fight against graft. The year enabled the AU to identify key priorities, notably, the development of a Common African Position on Asset Recovery, the development of an African Anti-Corruption Methodology, as well as continued advocacy against illicit financial flows through the Consortium on Illicit Financial Flows. The African Union report on the progress on implementation of the 2018 theme of the year, “Winning the Fight against Corruption: A Sustainable Path to Africa’s Transformation”, gives a preliminary assessment of the implementation of the activities towards the fight against corruption and highlights some key findings and recommendations.

Further, the AU Assembly adopted the Nouakchott Declaration on the African Anti-Corruption Year in which AU member states committed to progressively abolish bank secrecy jurisdictions and tax havens on the continent, establish public beneficial ownership registers and ensure that public officials declare their assets. The Assembly also called upon international partners and allies to agree on a transparent and efficient timetable for the recovery and return of stolen assets to Africa with due respect for the sovereignty of States and their national interests. Given this, the imperative for a Common African Position on Asset Recovery cannot be overemphasized.

In this regard, the AUABC convened the 3rd Edition of the African Anti-Corruption Dialogue under the theme “Towards a Common African Position on Asset Recovery” from the 7th -15th October in Kigali, Rwanda. The dialogue sought to consolidate the gains and drive momentum for the legal and political framework to enhance the fight against corruption and accountability and transparency in the utilization of returned assets. The fight against Illicit Financial Flows and the imperative to ensure the swift recovery and return of stolen assets remain key priorities for the African Union.