Stakeholders Convene To Address Illicit Financial Flows In Extractive Industry

During the two-day exchanges, participants will discuss CAPAR, the need for enhanced transparency and accountability, stricter regulations and increased international cooperation in the extractive industry. In addition, they will address the impact of illicit financial flows and the common occurrence of corruption in commodities trading.

Participants will reflect on how best to engage national authorities, the judiciary and the citizenry to hold the perpetrators and accomplices accountable. It is worth noting that CAPAR is a policy advocacy instrument aimed at assisting AU Member States to trace, identify, repatriate and subsequently effectively manage their assets, including items of cultural heritage, in a manner that respects their sovereignty and for the benefit of African peoples who are ultimately victims of illicit financial flows.

CAPAR now stands as the best tool for Africa’s legal and technical framework in structuring the managing of the return of Africa’s stolen assets from the foreign jurisdictions in which they may be held into the rightful source countries.

Source: News Formal (newsformal.com)

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