Business
Africa, others Lose $20billion annually to corrupt officials
The World Bank has revealed that over $20 billion is stolen yearly by corrupt officials from African, Asian, South American and European countries.
At the Global Forum on Asset Recovery (GFAR) hosted by the United States and United Kingdom, the US expressed its continued commitment to preventing and combatting corruption globally.
The US said the over $20 billion lost to corruption should have been used for sustainable development of these countries for essential services such as schools, hospitals, and roads. Rather than lining the pockets of corrupt officials, these funds should help grow economies and improve the well-being of the people of these countries.
Since fiscal year (FY) 2016, the Department of State and US Agency for International Development (USAID) have dedicated more than $115 million annually to a wide range of foreign assistance efforts to counter corruption, including capacity building of foreign governments to create stronger laws and more effective institutions; investigate, prosecute, and secure convictions for corruption offenses; and put in place measures to prevent corruption, foster oversight, and promote government integrity and transparency.
US support of global efforts to recover stolen assets and ensure corrupt actors cannot benefit from their ill-gotten gains is an important part of this work.
The United States contributed $1 million to the World Bank and United Nations Office on Drugs and Crime’s (UNODC) Stolen Asset Recovery Initiative (StAR) to organize GFAR and provide technical assistance to support country-level capacity building and coordination on asset recovery cases. GFAR provides a platform to enable the four focus countries: Nigeria, Sri Lanka, Tunisia, and Ukraine, to make tangible progress on significant asset recovery cases in connection with financial centers and other jurisdictions.
In addition to co-hosting GFAR, the United States has provided significant technical assistance to the four focus countries to strengthen anticorruption and asset recovery efforts.
Several bilateral and regional multi-year programs, including support for the United Nations Convention against Corruption (UNCAC) and UNCAC mentors and for the Global Focal Points Network supported by INTERPOL and StAR, have bolstered anticorruption mechanisms necessary to recover stolen assets, helping to ensure countries continue progress achieved through participation in GFAR.
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Since FY 2013, the U.S. government has provided foreign assistance to increase the Nigerian government’s capacity to investigate and prosecute corruption and financial crime cases, including asset forfeiture and anti-money laundering. Programs also seek to bolster Nigerian civil society’s capacity to ensure transparency and accountability in government.
Over the past three years, the United States has funded a project with the Economic and Financial Crimes Commission (EFCC) to mentor officials investigating and prosecuting money laundering crimes, including on asset forfeiture and counter financing of terrorism, in addition to providing technical assistance to the Nigerian judiciary. We will continue to work with the EFCC to further strengthen EFCC institutional development.
