Repatriation of stolen money:Transparency International frowns at govt’s inaction

Officials say that strategies for the systematic detection, repression and recovery of stolen and siphoned state wealth may be a panacea for endemic thievery here

The Cameroon branch of the international anti-corruption watchdog, Transparency International (TI), has frowned at government’s inability to get state funds that were stolen and stashed in foreign banks repatriated into the State coffers. TI-Cameroon observes that the phenomenon of corruption in the country has eaten so deep into the fabric of national life and continues to spread wildly that if adequate measures are not taken, and soon too, then the country could grind to a halt. The president of TI-Cameroon, Charles Nguini Effa, made the remark last week at a conference organised by the institution here. The conference had as objective to look into the phenomenon of siphoning of state funds to foreign banks by senior functionaries and how it could be curbed. It brought together legal and finance experts to brainstorm on the issue and suggest possible solutions. According to studies done by TI-Cameroon in 2007, Cameroon loses about 900 billion FCFA yearly (about 40% of its budget) to corruption. The study further reveals that about 495 billion FCFA of fiscal revenue is lost to corrupt government officials. To Babissakana, a renowned finance expert, it would require a well thought out approach to systematically stop what he described as a “severe financial haemorrhage”. He prescribed a strategy characterised by proper detection mechanisms, mechanism of repression and coordinated retrieval of the stolen credits from both local and foreign banks, adding that such mechanisms could only be instituted through legal instruments legislated by parliament. Babissakana regretted that government has still not instituted mechanisms that can ensure sustainable control of public servants. To Mathias Nguini Owona, a legal expert, government must put in place a law which compels government functionaries, especially vote holders, to declare their assets. He also said that government should train people that will be specialised in recovering such illegally acquired wealth.