The Basel Institute welcomes Jersey's decision to become a donor to the International Centre for Asset Recovery (ICAR)
The decision that Jersey shall become a core donor to the Basel Institute’s International Centre for Asset Recovery (ICAR) for a three-year period has been signed by Jersey’s Treasury Minister on Friday 11 May 2018. With this decision, Jersey joins Liechtenstein, Switzerland and the United Kingdom in supporting the implementation of ICAR’s Operational Strategy which has been developed jointly with ICAR’s donors and partner countries.
Jersey’s contribution to ICAR will be paid out of the Jersey Criminal Offences Confiscation Fund. Jersey’s Treasury Minister, Mr Alan Maclean, in a press statement issued by Jersey said in this regard: “It is fitting to use money confiscated from criminals to help fight crime and assist in repatriating the proceeds to developing countries.”
Jersey and ICAR have been working together for a number of years already in relation to specific asset recovery cases and global policy themes of shared interest. The active collaboration of all countries concerned is critical for the successful recovery of stolen assets in international corruption and money laundering cases. Gretta Fenner, Managing Director of the Basel Institute: “Jersey stands out with a proactive and innovative approach to supporting international asset recovery cases, with the most notable example being the Windward Trading case. It is highly welcome that Jersey uses its confiscated funds to advance justice and the fight against financial crime.”
We are very pleased that Jersey has decided to take this commitment to asset recovery one step further and join other countries leading in this matter by supporting ICAR’s efforts to build capacity in developing countries to prevent and combat financial crime and return stolen assets through international cooperation. As stated by Jersey’s Attorney General, Mr Robert MacRae QC, in Jersey’s press release: “Jersey’s decision to support the Centre demonstrates the Island’s commitment to fighting crime and to repatriating assets to third countries.”
For further information, please see the press release issued by Jersey.