How is illicit finance affecting the housing market in cities, what can cities do to challenge illicit financial flows that are affecting their real estate markets and what is the role of real estate agents in this? While these are typically questions thought of in global financial centres – think London, Paris or Hong Kong – these are increasingly becoming questions for cities that are regional hubs for illicit finance. These regional hubs are facing similar challenges in terms of the rapid development and purchase of hotels, casinos and other buildings funded through illicit finance, with consequences for housing, social and urban development policies.
The CAPAR Civil Society Network, Civil Forum for Asset Recovery (CiFAR) and Transparency International, co-hosted a two-day workshop on the Common Africa Position on Asset Recovery (CAPAR) and Asset Recovery in Africa, held in Nairobi, Kenya on April 25-26, 2024. It brought together policymakers, regional bodies, and civil society organizations (CSOs) to engage in collaborative dialogue on enhancing asset recovery efforts in Africa.
On the 25th and 26th April 2024, regional bodies, parliamentary networks, asset recovery interagency networks, and civil society representatives will gather in Nairobi, Kenya for the Regional workshop on the Common Africa Position on Asset Recovery (CAPAR) and Asset Recovery in Africa.
Illicit financial flows (IFFs) are a significant obstacle to Africa’s development, as they drain essential resources. To confront this challenge, the African Union took concrete steps, starting with the adoption of the Special Declaration on Illicit Financial Flows in January 2015.
Today, CiFAR has launched its new strategy – Ready for Action. Our strategy builds on the work we have done since 2016 to support more citizen and civil society engagement in asset recovery and looks to further position us as leaders in forward thinking about transparency, accountability and participation in the recovery of the proceeds of corruption.
To answer this question, CiFAR has recently conducted research published in a report From Sanctions to Investigations. Legislation, policy and practice linking investigations into the origins of sanctioned assets and recommendations for governments to strengthen the investigation and confiscation of sanctioned assets in From Sanctions to Investigations. Policy brief and recommendations.
For the first time since the beginning of its Investigate programmes, CiFAR organised an investigative journalism training in Latin America in Autumn 2023. With the support of GIZ, we gathered 15 early to mid-career journalists in Lima, Peru, for 4 intensive training days around asset recovery, illicit financial flows, and cross-border corruption.
In the past 20 years, African governments have made considerable progress to recover stolen assets as a tool to combat Illicit Financial Flows and contribute to sustainable development. Asset recovery has gained attention among governments, the media and citizens. Several governments have introduced new asset recovery laws and created institutions in charge of recovering or managing stolen assets. This has led to an increase in recovered assets, both domestically and internationally. However, legislative and institutional frameworks, as well as efforts in international cooperation are still insufficient.
On the 10 December the 10th Conference of the States Parties to the United Nations Convention Against Corruption (UNCAC CoSP 10) kicks off in Atlanta, USA. The CoSP process is an opportuniy for States who are party to the UNCAC, which is virtually every country in the world, to come together to discuss progress in implementing the treaty and to agree to new ideas to advance the fight against corruption.
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