Asset recovery – the process of tracing, freezing, seizing, managing, preserving, disposing, and returning the proceeds of crime and corruption or compensating victims of crime – lies at the heart of any credible response to illicit finance. The UK-hosted Illicit Finance Summit is a crucial opportunity to not only expose the scale of the problem of illicit finance but seek to get a grip on it – ramping up global enforcement efforts to seize the proceeds of crime and corruption so they can be repurposed to compensate victims, benefit communities, and drive further asset recovery.
This briefing sets out civil society recommendations for international initiatives and concrete national-level commitments on asset recovery for the Illicit Finance Summit. It was prepared by Spotlight on Corruption incorporating input from civil society partners as well as feedback from a wider range of non-governmental stakeholders.
To drive international action on non-conviction based asset recovery, the UK should leverage the Summit to:
- Expand the International Anti-Corruption Coordination Centre to support the adoption and use of civil recovery tools
- Develop global data standards on asset recovery
- Pilot a system for logging and tracking MLA requests
- Establish a global fund and expanded routes for asset recovery and victim compensation claims
- Increase recovery and return of proceeds stemming from cyber-enabled fraud.
To secure strong national level commitments from countries participating in the Summit, the UK should encourage reforms to:
- Reinvest recovered assets in law enforcement and the wider criminal justice system
- Deliver meaningful redress to victims
- Drive forward transparent and accountable asset return
- Recognise and enforce foreign court orders
To ensure the UK leads by example with ambitious domestic commitments, the UK should:
- Enhance the UK’s toolkit for recovering illicit wealth
- Pilot specialist asset recovery courts at the new Justice Quarter in London
- Reform the Asset Recovery Incentivisation Scheme and establish an Economic Crime Fighting Fund
- Strengthen protections and incentives for whistleblowers
By implementing these recommendations on asset recovery, the Illicit Finance Summit can drive real impact – breaking the business model of criminality, fostering global partnerships for shared growth and prosperity, and restoring public trust and delivering redress to victims.
