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Basel Institute on Governance

Basel Institute on Governance. Recovery of Frozen Assets ( “ Illicit Financial Flows: Applicable International Legal Frameworks ” ). Kodjo Attisso | 5–8 June 2014 2014|Yaoundé, Cameroon. Structure. Introduction International Legal framework Process of Asset Recovery

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Basel Institute on Governance

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  1. Basel Institute on Governance Recovery of Frozen Assets (“Illicit Financial Flows: Applicable International Legal Frameworks”) Kodjo Attisso | 5–8 June 2014 2014|Yaoundé, Cameroon

  2. Structure • Introduction • International Legal framework • Process of Asset Recovery • Approaches to the Challenges KODJO ATTISSO | 14 MAY 2014

  3. Structure • Introduction • International Legal framework • Process of Asset Recovery • Approaches to the Challenges KODJO ATTISSO | 14 MAY 2014

  4. I. Introduction KODJO ATTISSO | 05-08 JUNE 2014

  5. I. Introduction KODJO ATTISSO | 05-08 JUNE 2014

  6. II. International Legal framework Source: Stolen Asset Recovery: Global Architecture for Asset Recovery KODJO ATTISSO | 05-08 JUNE 2014

  7. III. Asset RecoveryProcedures KODJO ATTISSO | 05-08 JUNE 2014

  8. III. Processof Asset Recovery • WHAT IS ASSET RECOVERY? • HOW DOES ICAR SUPPORT THIS PROCESS? • Capacity building • Consulting (legal/caseworks) • Tools KODJO ATTISSO | 05-08 JUNE 2014

  9. III. Processof Asset Recovery Five steps to recover assets • Identification of cases • How to initiate cases? • Tracing • How and where to find the assets? • Freezing • How to freeze the assets? • Confiscation/Forfeiture – getting the evidence • What does the requested and requesting state need to do to change ownership? • Repatriation – getting the proceeds • To whom does the money belong? KODJO ATTISSO | 05-08 JUNE 2014

  10. First step: Case Identification Challenges • Hidden transnational networks • Lack of expertise/capacity/ technology • Political will/interference Solutions • Whistleblower systems • Banking regulations (know your customer systems, suspicious transaction reports, politically exposed person PEPs) • Investigative journalism • Enforcement of investigation units KODJO ATTISSO | 05-08 JUNE 2014

  11. Second step: Tracing Challenges • Ability of local law enforcement to act (understand documentation, etc.) • No evidence available • Bank secrecy • Problem of fishing expeditions Solutions • Follow the money, or even the person • Use of informal channels • Amnesty agreements KODJO ATTISSO | 05-08 JUNE 2014

  12. Third step: Freezing Challenges • Speed of money/delay of reaction • Lack of expertise in victim countries • Mutual legal assistance requests Solutions • Stronger FIU cooperation • Informal channels • Coordinated investigations in the requesting state • Provisonal measures (seizure) KODJO ATTISSO | 05-08 JUNE 2014

  13. Fourthstep: Forfeiture/Confiscation Challenges • Mutual legal assistance requests • Delay in criminal proceedings due to legal problems • Difficulty to establish evidence/ability of local courts • Huge costs Solutions • Easing burden of proof • Use of anti-money laundering law in requested states • Use of civil actions • Voluntary repatriation – out of court settlements KODJO ATTISSO | 05-08 JUNE 2014

  14. Fifthstep: Repatriation Challenges • National interest in requested states • Lack of confidence in the rule of law in the requesting jurisdiction • Conditions • Third parties interests Solutions • Asset sharing agreements • Well prepared monitoring • Early release through escrow accounts KODJO ATTISSO | 05-08 JUNE 2014

  15. IV ApproachestotheChallenges Political will • Willignessand ability for legislative reform • Accountability and transparency • Prosecution of former public officials • Effective cooperation of requested states Capacity constraints • Building institutional capacity • Education and training of staff KODJO ATTISSO | 05-08 JUNE 2014

  16. VI ApproachestotheChallenges Conventions and Agreements • UNCAC • African Union Convention on Preventing and Combating Corruption • ECOWAS Protocol on the Fight against Corruption • Financial Action Task Force (FATF) Standards Multilateral Initiatives • Conference of States Parties of UNCAC and Working Group on Asset Recovery • WB/UNODC: Stolen Asset Recovery Initiative (StAR) KODJO ATTISSO | 05-08 JUNE 2014

  17. Thanks for your Attention Questions? KODJO ATTISSO | 05-08 JUNE 2014

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