UNCAC Chapter V - Asset Recovery

Chapter V of the UN Convention Against Corruption 2003 deals with the recovery of assets. The return of assets is a fundamental principle of the Convention. Financial institutions are encouraged to verify the identity of customers and beneficial owners of high-value accounts and to avoid banks that have no physical presence and are not affiliated with a regulated financial group. The Chapter further specifies measures to be taken for the direct recovery of assets and the machinery for doing this by means of international co-operation on confiscation. Such assets should be returned in accordance with the rules laid down by the Convention. The establishment of a financial intelligence unit, the signing of bilateral or multilateral agreements or the making of arrangements to enhance the effectiveness of international co-operation are also called for.

States are required to develop specific training programmes and afford one another the widest measure of technical assistance. The collection, exchange and analysis of information on corruption is provided for, as are practical measures to enhance their cooperation at various levels, enhance financial and material assistance to support the efforts of developing countries and countries with economies in transition to prevent and fight corruption effectively.

Other treaties and international documents:

• UN Convention against Illicit Traffic in Narcotic Drugs and Psychotropic Substances, 1988;
• UN Convention against Transnational Organised Crime (UNTOC), 2000;
• OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, 1997;
• Financial Action Task Force on Money Laundering; and
  
• Council of Europe Convention on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime, 1990.