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Global Forum for Asset Recovery

Home Office

Estimated Completion, 2017

The Global Forum for Asset Recovery will bring together governments and law enforcement agencies to work together to recover stolen assets. The forum will strengthen co-operation between the countries that have had assets stolen and the countries where those assets are hidden, and help ensure law enforcement on both sides drive forward vital work to return illicit funds.

Global forum for asset recovery

THE PROBLEM

When the proceeds of corruption are laundered through the UK, it presents a criminal, reputational, and national security risk, as well as a great injustice for the countries from which the funds have been stolen. The UK has an added responsibility arising from its unique status. London’s international reputation has often attracted money launderers who find it easier to mingle their dirty funds in a larger centre with substantial flows of legitimate money.

It is therefore imperative that the UK is able to prevent money laundering and detect, seize and recover those stolen assets that do enter the country. Due to ‘London’s status as a safe haven’ and the resultant high volume of foreign capital that comes in or through the UK, this country has an opportunity to take a pro-active leadership role in the detection and recovery of the proceeds of corruption laundered through this jurisdiction.

WHAT HAPPENED AT THE SUMMIT?

At the Anti-Corruption Summit, the UK promised to “work with others to establish a Global Forum for Asset Recovery and provide resources to support it”. The inaugural meeting of the Forum is to be co-hosted by the UK and the USA in 2017, with support from the joint World Bank and UNODC Stolen Asset Recovery Initiative (StAR), focusing on assistance to Nigeria, Ukraine, Tunisia and Sri Lanka.

The Forum will step up international efforts on asset recovery, and at the Summit 20 other countries committed to strengthen or reinforce legislation to ensure stolen assets can be recovered.