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With over 20 million refugees around the world in need of support, creative funding solutions for host countries are in high demand. One solution, says Canadian Senator Ratna Omidvar (Independent Ontario), is the Frozen Assets Repurposing Act.
The bill, which the Senator recently tabled in the Canadian Senate, would authorize Canadian courts to redistribute the frozen assets of corrupt foreign officials to organizations that help displaced people—essentially bringing the cost of displacement to those who cause it.
Senator Omidvar joined me on the CGD Podcast to talk about how the act would work, what it could mean for Canada, and why it resonates with her personally.
Helen Dempster is the senior associate for policy outreach for the Migration, Displacement, and Humanitarian Policy Program at the Center for Global Development.
CGD blog posts reflect the views of the authors, drawing on prior research and experience in their areas of expertise. CGD is a nonpartisan, independent organization and does not take institutional positions.
CGD and Brookings recently co-hosted Former Finance Minister of Nigeria and Distinguished Fellow Ngozi Okonjo-Iweala to discuss her new book, Fighting Corruption is Dangerous: The Story Behind the Headlines. The book is part memoir, part how-to, as she draws on her years of experience as Nigeria’s Finance Minister to describe the dangers of fighting corruption and how best to do it. I drew four main takeaways from our conversation.
A growing number of humanitarian aid organizations operating in conflict zones are having trouble finding banks willing to work with them. We attended an international stakeholder dialogue on ensuring financial services for nonprofit organizations, and offer our preliminary thoughts here.
Even while policy solutions to address de-risking are being implemented, new technologies have emerged to address de-risking by increasing the efficiency and effectiveness of AML/CFT compliance by financial institutions.
A year ago, I requested comments on a draft manuscript about corruption. Last week, we launched the resulting book: Results Not Receipts: Counting the Right Things in Aid and Corruption. I think the text was considerably improved by the comments process (and I hope the commenters agree). So I’m hoping the discussion can continue even though the book is now out.