Intervention at session II of OHCHR Expert Meeting on the obstacles to repatriation of funds of illicit origin to the countries of origin and their impact on the enjoyment of human rights
Session II: Elements and benefits of a human rights-based approach to eliminate existing barriers to the repatriation of illicit funds to countries of origin: Good Practices
Intervention delivered by Gaurav Kumar Thakur, Counsellor
13 February 2024 15:00—16:50 CET, Room XX, Palais des Nations, Geneva
Thank you Chair for giving the floor.
We are of the view that the concepts of Business and Human rights obliges States to ensure repatriation of illicit funds and asset recovery. In this context, population should be seen as rights-holders and the States as duty-bearers, who under the UN Convention against Corruption, obliged to accelerate asset recovery and enhance international cooperation in eliminating existing barriers to the repatriation of illicit funds.
- The developing states are under immense pressure to secure financial contribution for meeting Sustainable Development Goals and carrying the basic fiscal responsibility of in areas of health, education and nutrition. Asset recovery and tracking illicit finances can unlock a large amount of capital, which will actually lower the pressure on developed economies for financial obligations to further human rights agenda across the world
- Asset repatriation to countries where illicit funds originated carries significant implications for institutional strengthening of human rights. Firstly, it aligns with the principles of justice and accountability by returning stolen assets to their rightful owners, thereby providing restitution to individuals and communities who have been adversely affected by corruption, embezzlement, and other forms of financial crime. Furthermore, repatriated assets can be utilized to advance human rights priorities, such as improving access to education, healthcare, and basic services for marginalized populations. Additionally, by dismantling networks of corruption and impunity, asset repatriation contributes to the promotion of good governance, transparency, and the rule of law, which are fundamental pillars of human rights protection.
- Recognizing the urgency of addressing this issue, India, during its G20 presidency in 2023, spearheaded efforts to prioritize asset recovery on the global agenda. By championing initiatives to enhance international cooperation, strengthen legal frameworks, and promote transparency, India underscored the importance of repatriating stolen assets to their rightful owners.
Thank you.
