UK sets global transparency standard for asset returns

F.P. Report

LONDON: Today (Thursday 13 January) the UK has become the first country in the world to demonstrate how it returns proceeds of corruption to foreign countries with the publication of a new framework.

The UK is the first country to publish its policy and principles on international asset returns, in an unprecedented effort to provide transparent insight into government decision making on returning proceeds of crime. This applies across England, Wales and Northern Ireland.

The government places great importance on the recovery and return of the proceeds of corruption. We recognise that assets must be returned in a transparent and accountable manner, in line with the UN Convention Against Corruption provisions.

The publication of this framework demonstrates the UK’s commitment to the fight against corruption. The document represents a key transparency indicator and forms part of the UK’s 2021 commitments under the G7, the UK’s National Action Plan, and the upcoming 2022 US Summit for Democracy.

We hope that publishing this framework will encourage other international partners to follow suit and that it will enshrine the principles of transparency and accountability in international asset recovery practices worldwide.