Faith Nyasuguta
During the 45th AU Advisory Board Against Corruption (AUABC) meeting in Arusha, Tanzania, the African Union (AU) officially embraced the Common Africa Position on Asset Recovery (Capar), a crucial instrument in reclaiming stolen assets from Africa.
Capar, deemed “already fully operational” by AUABC Executive Secretary Charity Nchimunya, signifies a significant stride in curbing illicit financial flows and preventing the exodus of assets from the continent.
The creation of Capar, formally endorsed during a 2020 meeting in Kigali, Rwanda, aims to identify and recover assets pilfered from Africa.
Nchimunya emphasized its potential positive impact on the anti-corruption efforts across the continent, especially in countries grappling with grand corruption.
Capar operates on four foundational pillars: asset detection and identification, asset recovery and return, asset management, and cooperation and partnership.
It collaborates closely with anti-graft bodies in countries plagued by widespread corruption, working within the framework of Africa’s development agenda, domestic laws, and respecting the sovereignty of member states.
This mechanism extends its reach beyond financial assets, encompassing illicitly acquired resources like natural treasures and African artifacts.
The list of targeted offenses includes abusive transfer pricing, trade mis-invoicing, tax evasion, aggressive tax avoidance, double taxation, money laundering, smuggling, trafficking, and abuse of entrusted power.
Nchimunya highlighted the significance of Capar, stating that it enables the recovery of stolen money from Africa stashed in foreign banks.
With Capar in operation, AUABC has developed guidelines for the recovery of illicitly acquired assets from the continent, offering a framework to address the persistent issue of assets, including liquid funds and valuable minerals, hidden in offshore accounts.
AUABC Chairperson Seynabou Ndiaye Diakhate underscored the cooperative aspect, emphasizing that collaboration among countries will lead to the recovery and restoration of stolen treasures.
The chairperson acknowledged that many African countries have witnessed their domestic treasures being siphoned overseas since gaining independence, making Capar a crucial tool in combating such practices.
With this formal adoption of Capar, the AU takes a significant step toward safeguarding Africa’s assets, fostering collaboration, and establishing a robust mechanism for the recovery of stolen resources.
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