Tuesday, 11 Dec 2018
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Vietnam to take bold measures to recover stolen assets

Updated at Friday, 30 Nov 2018, 17:20
The Hanoitimes - The agencies need to have a broad range of mechanisms to recover the proceeds of corruption, the deputy PM noted.
The government of Vietnam has worked with related agencies to seek drastic measures to recover assets which have been stolen by state officials.
 
Deputy PM Truong Hoa Binh works with related agencies. Photo: Chinh phu
Deputy PM Truong Hoa Binh works with related agencies on November 29. Photo: Chinh Phu
Deputy Prime Minister Truong Hoa Binh on November 29 worked with representatives from the Standing Committee of the Police Party Central Committee and the People’s Supreme Court to facilitate more systematic and timely return of stolen assets. 

Binh, who is also deputy chairman of the Central Steering Committee for Anti-Corruption, required the committee and the court to propose more measures to track down stolen assets and tackle problems in legal enforcement. 

The agencies need to have a broad range of mechanism, mostly helpful methods to recover the proceeds of corruption, Binh noted.

Both the committee and the court admitted that the difference between the money stolen and the assets returned remains huge due to legal loopholes, weak cooperation among authorities, and slow recovery process.  

Reports from the Supreme People's Procuracy showed that the return of money and assets corrupted remains modest, VND14 trillion (US$628 million) out of VND76 trillion (US$3.4 billion), accounting for 18.4%. 

Statistics given by the Police Party Committee showed that the amount of money needed to be recovered is swelling. In the first three quarters of 2018, the amount reached VND6 trillion (US$260 million).

Recovering stolen assets remains a time and effort-consuming task that Vietnam has engaged in under the support of international organizations. 

To solve the thorny issue, the World Bank and the United Nations Office on Drugs and Crime (UNODC) has partnered in the Stolen Asset Recovery Initiative (StAR) to help many countries end safe havens for corrupt funds. The initiative provides practitioners with knowledge and policy tools that enhance the abilities of anti-corruption and asset recovery. 
Linh Pham
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