Asset recovery is the legal process through which a country, government and/or its citizens recover from another jurisdiction the resources and other assets that were stolen through corruption.
Why it matters
Governments must ensure greater domestic and international inter-agency cooperation to enable more effective and faster cross-border information-sharing. Governments should put in place legal frameworks to enable victims of corruption and civil society to take asset recovery cases to court, in the countries from where assets were stolen and those in which they were deposited. Countries in which the stolen assets are located should respond swiftly to requests for mutual legal assistance and develop and enforce laws and regulations that prevent frozen assets from staying lodged with the same institution, corporate structure or individual that accepted the asset prior to the freezing order. Financial institutions which do not release frozen assets to the legally declared owner after a release order has been issued by the competent jurisdiction should be held legally liable.