Can Sri Lanka Get Its Stolen Assets Back? UNODC Says the Door Is Open

COLOMBO (News 1st); Sri Lanka stands to benefit significantly from international asset recovery mechanisms that help countries trace, freeze, and reclaim funds lost through corruption, according to a senior official from the United Nations Office on Drugs and Crime (UNODC).Speaking on the sidelines of the Korea-UNDP Anti-Corruption Forum in early July, Shervin Majlessi, Chief of the Corruption and Economic Crime Branch at UNODC, said Sri Lanka has already benefited from international cooperation initiatives aimed at supporting countries in recovering stolen assets and can continue to leverage those mechanisms in the future.Majlessi highlighted the Stolen Asset Recovery Initiative, a joint programme between UNODC and the World Bank, which helps countries navigate the often-complex process of tracing and recovering assets moved across international borders.He noted that Sri Lanka has benefited, and can further benefit, through the Global Forum on Asset Recovery Action Series (G4 Action Series), which assists countries in establishing direct contacts with major international financial centres where suspected assets may be located.According to Majlessi, asset recovery cases frequently span multiple jurisdictions, requiring extensive cooperation between governments, law enforcement agencies, financial institutions, and regulators in different countries. He explained that assets are often moved through a web of jurisdictions that may include the country where the funds originated, countries where companies are registered, locations where bank accounts are maintained, and final destinations where assets are ultimately held.To facilitate this cooperation, UNODC has established the Global Operational Network of Anti-Corruption Law Enforcement Authorities, widely known as the GlobE Network. The network currently consists of 250 member authorities from 135 countries, with Sri Lanka among its members.Majlessi said the network was created to simplify communication between authorities and improve the speed and effectiveness of international cooperation in corruption investigations and asset recovery efforts.He stressed that successful asset recovery has the potential to generate tangible development benefits for countries affected by corruption, as recovered funds can be returned to national treasuries and redirected toward public development priorities.“By bringing back money that was stolen from countries, that money can be put to use in development and returned to the country's treasury,” he said.The UNODC official emphasized that while the United Nations does not dictate how countries should cooperate with one another, its role is to facilitate technical assistance, build capacity, and create frameworks that enable effective international collaboration.Majlessi said support provided through international programmes can include expertise, human resources, funding assistance, and institutional capacity-building to help countries strengthen governance systems and anti-corruption mechanisms.He also stressed on the importance of support from developed countries, noting that sustained development assistance remains critical for countries seeking to strengthen governance and combat corruption.According to Majlessi, the global development community has increasingly recognised that investments in development must be accompanied by investments in anti-corruption measures.“After decades of investing in development, there has been a growing understanding that anti-corruption efforts must also be supported because without them, resources intended for development can be lost to corruption,” he said.Addressing the broader international framework, Majlessi described asset recovery as one of the cornerstone principles of the United Nations Convention Against Corruption (UNCAC), which includes a dedicated chapter requiring countries to cooperate in returning assets obtained through corruption.He noted that all 192 parties to the convention have obligations, particularly in cases involving the embezzlement of public funds, to return those assets to their countries of origin.However, he cautioned that asset recovery is often a lengthy and legally complex process involving court proceedings across multiple jurisdictions. Individuals linked to such assets frequently challenge recovery efforts through legal channels, making the process time-consuming and resource-intensive.Despite these challenges, Majlessi said there has been progress since the convention introduced international obligations on asset recovery two decades ago.According to data gathered by UNODC over nearly 20 years, approximately US$10 billion in stolen assets has been documented as having been returned globally. While he acknowledged that the true figure may be higher, he said the available data demonstrates a positive trend, with more countries actively pursuing asset recovery and increasing levels of international cooperation.For Sri Lanka, the continued strengthening of international partnerships, participation in global anti-corruption networks, and access to specialised asset recovery initiatives could play an important role in efforts to recover illicitly transferred assets and channel them back into national development priorities.