Financial Crime World

Somali Government Launches Strategy to Recover Frozen Assets and Fight Corruption

The Federal Government of Somalia (FGS) has launched a comprehensive strategy to recover the country’s frozen assets and fight corruption. This move is seen as a significant step towards rebuilding the war-torn nation and improving its relations with the international community.

Recovering National Assets

According to the Central Bank of Somalia Act, 2011, the Central Bank of Somalia (CBS) is responsible for managing the country’s international reserves and recovering national assets. The CBS has established a National Asset Recovery Team (NART), which will work closely with the Financial Governance Committee (FGC) and other stakeholders to identify and recover stolen assets.

The NART Team

The NART team will be headed by the CBS Governor, the Minister of Finance, and civil servants from the CBS. They will work together to:

  • Investigate information related to asset recovery
  • Report and analyze findings
  • Seek assistance from reputable law firms or international organizations as needed

Using Recovered Assets

The strategy outlines the principles for using recovered assets, including:

  • Transparency in good governance
  • Accountability in allocation and management of funds
  • Support for national budget and development efforts
  • Strengthening the capital of the CBS
  • Supporting reconstruction projects

International Cooperation

International cooperation is crucial for comprehensive and timely asset recovery. The NART may seek assistance from:

  • Somali diplomatic partners
  • Foreign financial institutions
  • International organizations such as the World Bank and UNODC Stolen Asset Recovery Initiative (StAR)

Transparency and Accountability

The allocation and management of recovered assets will be based on the Foreign Assets Recovery and Management Policy Statement issued by the CBS in June 2015. The CBS will report quarterly on asset recovery efforts and make reports publicly available on its website.

Regular audits will ensure that all funds are managed and controlled in accordance with the strategy, promoting transparency and accountability in the handling and disbursement of recovered assets.

A New Era for Somalia

The launch of this strategy marks a significant milestone in Somalia’s efforts to recover from decades of conflict and corruption. It is expected to help rebuild trust between the government and its people, and improve relations with the international community.

“We believe that this strategy will help us to recover our stolen assets and bring those responsible for stealing them to justice,” said a government official. “We are committed to transparency and accountability in all our activities, including asset recovery.”

Success Depends on Cooperation

The success of this strategy will depend on the cooperation of all stakeholders, including:

  • The government
  • International organizations
  • Civil society groups

With careful planning and execution, Somalia can recover its stolen assets and build a brighter future for its people.