"There Should be No Safe Havens for Proceeds of Corruption" - DATA
welcomes Stolen Assets Recovery Initiative (StAR)

09.18.07

The World Bank has just launched the Stolen Asset Recovery Initiative
(StAR), in collaboration with the United Nations and other partners, to
repatriate stolen assets from developing countries. The initiative will
help developing countries access technical assistance for the asset
recovery process and monitor the use of the funds once repatriated.
 
The initiative will also help developing countries build their capacity
to bring local laws into compliance with the United Nations Convention
Against Corruption(UNCAC). To date, only half of G8 and OECD countries
have ratified UNCAC.

DATA's Executive Director Jamie Drummond said: "It is a growing scandal
that half of the G8 as well as other countries that are classified as
offshore financial centres still have not ratified and implemented the
UN Convention on Corruption.

"There should be no safe havens for proceeds from corrupt activities.
StAR is a welcome and important initiative to address this, in support
of countries trying to recover resources that could ultimately offer a
major contribution to the fight against extreme poverty."