Ten percent of corruption assets recovered in VietnamStaff Writer |
Asia Asset recovery has progressively improved
In the last ten years, a meagre 10 percent of assets worth of VNĐ60 trillion ($2.65 billion) involved in nearly 1,900 corruption cases in Vietnam have been recovered.
According to Hùng, thanks to enhanced efforts, asset recovery has progressively improved but has yet to yield satisfactory outcomes due to the infrequent monitoring of public servants’ assets. As a result, corruption is usually discovered and prosecuted only when the damage is serious.
“Total recovery is hard, and the longer we hesitate, the more amount is irrecoverable,” Hùng said.
Shervin Majlessi, Senior Legal Adviser to the World Bank on the Stolen Asset Recovery Initiative (StAR), agreed with Hùng that assets should be frozen before corrupt officials have time to hide or spend it.
Shervin also advocated co-operation mechanisms between domestic and foreign jurisdictions, stressing mutual legal assistance between states as a key instrument in asset recovery. ■
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