The world's richest governments are frustrating the recovery of money stolen from Africa, global watchdog representatives have declared.

Meeting in Nairobi yesterday, the Transparency International officials from seven countries made the joint declaration that blames G8 countries for ignoring global conventions against cross-boarder corruption.

"African countries are experiencing difficulties ... in their endeavour to trace, seize, recover and repatriate assets and money embezzled and transferred abroad by their nationals and collaborators," their report says.
According to TI, $140 billion stolen from Africa is being held abroad in cash, stocks, bonds, real estates and other assets.

Mr Ahmed Abdalla of the local TI chapter added that $20 billion was stolen from Kenya alone over the past decade.

Other chapters of the anti-corruption watchdog represented were, Ghana, Niger, Zambia, Zimbabwe, Uganda and Senegal.

Their officials say: "It is dishonest that individuals and corporations who are nationals of the G8 are enjoying (protection) despite their corrupt practices in Africa."

And their Governments are hiding behind banking laws to delay repatriation of stolen funds to Africa.

INTERNATIONAL CONVENTIONS

Reading the declaration, Mr Reuben Lifuka of Zambia said Western governments were doing so despite being signatories to international conventions like the UN Convention against corruption.

The new report dubbed The Nairobi Declaration on International Obligations on the Recovery and Repatriation of Africa's Stolen Wealth says: "It is not only illegal, but also blatantly immoral that so much wealth stolen from Africa is allowed to circulate freely in the economies of some of the world's wealthiest nations ..."

It goes on: "The international community should ensure ratification, domestication and implementation of the provisions of the UN convention."

The declaration calls on all countries to tighten banking laws to ensure that illegally acquired money is not accepted by banks.

"Money illicitly appropriated from African treasuries should not be granted safe havens in banks," said Mr Lifuka.

"Presently banks fail to release information on how much money is held in specific accounts and from where," he added.

He noted that corruption was a primary hindrance to development and equally blamed African governments for not doing enough to fight it.


Source: Nation Media, Kenya
Story by FRED MUKINDA; Publication Date: 08/04/2006