Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/278271 
Year of Publication: 
2022
Series/Report no.: 
Research Paper No. 172
Publisher: 
South Centre, Geneva
Abstract: 
Domestic resource mobilization is essential for developing countries to achieve the Sustainable Development Goals by the deadline of 2030. Concomitantly, Illicit Financial Flows (IFFs), which also lead to asset theft, are major means through which these countries are losing resources. This research paper analyzes the World Bank's Stolen Asset Recovery (STAR) database and shows that countries from where assets have been stolen are mostly developing countries, and countries where the stolen assets have been hidden are developed countries. The paper also shows that regarding the pending or ongoing asset recovery cases, there is a clear pattern where the majority of countries waiting to have their assets returned are developing countries, and those who must return them are developed countries. There is an unexplained and unjustified delay by developed countries in the process of returning the frozen assets to developing countries which needs to be addressed as soon as possible. There is also an evaluation of international legal reforms which can be implemented to accelerate the asset recovery process. However, all these will need the full commitment of Global North countries where most of the stolen assets are hidden and which bear the brunt of responsibility for returning them to the developing countries.
Subjects: 
Asset Recovery
Corporate Tax
Domestic Resource Mobilization
FACTI Panel
FACTI Recommendations
Global North
Global South
Global Tax
Global Taxation
High Level Panel on Illicit Financial Flows from Africa
HLP on International Financial Accountability Transparency and Integrity for Achieving 2030 Agenda (FACTI Panel)
Illicit Financial Flows (IFFs)
International Tax
International Tax Cooperation
International Tax Reform
International Taxation
Stolen Asset Recovery Initiative
Sustainable Development Goals (SDGs)
Tax
Tax Cooperation
Tax Law
Tax Policy
Tax Reform
Taxation
UN Convention against Corruption
Document Type: 
Research Report
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