The African Union pledges to establish escrow accounts in regional banks to help African nations recover sovereign assets that have been unlawfully looted from Member States.
It is a promise made as the institution urges member states of the African Union (AU) to actively apply the Common African Position on Asset Recovery (CAPAR) to revive vital resources that have been lost from Africa through a series of illicit outflows. On November 3 and 4, 2022, the AU hosted a meeting for the implementation of the agenda.
The meeting, which hosted top government officials and anti-corruption and asset recovery agency heads, was jointly organized by the African Union and the Coalition for Dialogue on Africa (CoDA). The member nations stated above agreed to deliver the necessary political support to the implementation the asset recovery program.
CAPAR, which was developed in July 2017 during an assembly with the theme “Winning the Fight against Corruption: A Sustainable Path to Africa’s Transformation,” sets out recommended measures and actions required to effectively address the continuous loss of African assets. It also identifies, recovers, and manages African assets that are in, or recovered from, foreign jurisdictions in a manner that respects the development priorities and sovereignty of Member States.
The discussions held in the meeting included the sharing of experiences while ensuring that the frameworks for asset recovery by African States maintained a comprehensive approach in a holistic and economically beneficial way. It also addressed any key legal issues that African states might face while recovering illicit financial outflows and stolen assets.
Participants in the meeting agreed that the outcomes of CAPAR should have an influence on the updates of the President of Nigeria, Muhammadu Buhari, the AU Champion on Anti-Corruption, and the reports of the AU Commissioner for Political Affairs, Peace, and Security to the Assembly of AU Heads of State and Government at its next summit, to be held in February 2023.
