The upcoming Conference of States Parties to the Convention against Corruption, scheduled to be held in the U.S. state of Georgia from December 11 to 15, will bring together participants to address the pervasive issue of corruption and its impact on global social and economic development, UN news reported.
The implications of such financial drainage are far-reaching, with potential funds that could otherwise be allocated to vital causes such as aiding children, supporting people with disabilities, advancing gender equality, mitigating poverty, and addressing climate change.
Investor confidence is adversely affected in markets characterized by a lack of transparency and fair competition, further complicating global economic dynamics. The reluctance of investors to engage in such environments underscores the importance of addressing corruption for sustainable economic growth.
Notably, the past 13 years have witnessed a more widespread practice of cross-border tracking and the restriction of stolen assets. Between 2017 and 2021, the number of completed cases related to the proceeds of corruption demonstrated a notable increase. Over the decade from 2010, countries successfully reclaimed corrupt assets amounting to $4.3bn.
The United States led in reporting the largest volume of confiscated, seized, and repatriated proceeds of corruption to other countries. Switzerland, Singapore, and Liechtenstein also played a significant role in returning assets to their countries of origin.
Among source countries, Nigeria and Malaysia reported substantial amounts of corruption-related assets recovered from foreign jurisdictions, with each country successfully reclaiming $1.2bn.
On December 9, the UN marked the International Day against Corruption, emphasizing the ongoing global efforts to address and combat corruption.