THE State Assets Recovery Unit (SARU) says it has discovered an “astounding” scale of corruption here and urged that the States Assets Recovery Bill must be passed swiftly.SARU’s comments come in wake of a letter written by the Private Sector Commission (PSC) to the Speaker of the National Assembly, urging that the Bill which was tabled in Parliament recently, be sent to a special select committee for fine-tuning.
SARU said in accordance with Article 54 (1) (c) of the United Nations Convention Against Corruption (UNCAC), each State party must “consider taking such measures as may be necessary to allow confiscation of property without criminal conviction.” In this context, SARU said the SARA Bill is designed to facilitate the recovery of illicitly obtained property through civil processes, with the primary objective of reducing the consequential damaging effects of corruption on sustainable development.
According to the unit, the opinions of any Private Sector Commission or equivalent should be principled, balanced and near impartial.
“Honest business prefers a fair and principled environment. The passage of this Bill will allow the new Agency to direct a laser-like focus on such assets obtained through corruption, the loss of which has frustrated the development of this country.”
SARU said in some areas of corruption, the size of loss speaks for itself.
“Before the change of Government, the nation was losing $28-$35 billion each year through procurement fraud. With regard to illicit capital flight, the nation was losing $90 billion every year. Furthermore, the underground economy caused the nation to lose $188 billion per year. This adds up to a grand total of $306-$313 billion per year, which is a conservative figure, as according to several international agencies, this amount is grossly understated,” SARU said.
The unit asserted that given the purposes of the Bill and the damaging losses to the economy as stated above, it is imperative that the Bill be passed immediately.
“The scale of corruption discovered by SARU, to date, is astounding. The Guyanese population is eager to see the country’s assets recovered and appropriate action taken against the perpetrators of corruption. The SARA Bill is geared toward these purposes,” SARU said in its statement.
Government late last month moved one step closer towards having its State Asset Recovery Agency (SARA) established, by having the Bill read for the first time in the National Assembly. Presented by Attorney General (AG) and Minister of Legal Affairs, Basil Williams, the Bill seeks to establish SARA in consonance with the United Nations (UN) Convention Against Corruption 2003.
The agency, which will be headed by a director, will, inter alia, seek to recover through civil proceedings, State property unlawfully acquired by a public official or any other person, and to engage in international cooperation in the recovery of stolen assets of States within the contemplation of the Act.
The State Assets Recovery Bill is seen as the APNU+AFC’s signature legislation in its fight against corruption. The government has been harshly criticised in the past for its “lukewarm” approach to recovering stolen State assets and fighting corruption.
The agency will also be self-funded, with a percentage of assets recovered being put into a State Assets Recovery Fund.
According to Section 14 (3) of the Bill, funds will be used to facilitate the discharge of SARA’s functions; compensate victims who would have suffered as a result of an unlawful conduct; transfer property to a foreign state or territory or share it, pursuant to a treaty or agreement; to fund training and capacity-building as may be required for the agency; and for payment of fees to counsel, forensic experts, investigators, receivers and other professionals.