The S&D Group in the European Parliament has called on the EU to take decisive action in assisting the Tunisian, Libyan and Egyptian authorities to recover financial assets stolen by corrupt former regimes.

Taking the lead on asset recovery to Arab Spring countries in transition, S&D Group MEPs have called for an EU mechanism to be set up to facilitate the successful return of assets to these countries. After a successful seminar on asset recovery and the Arab Spring organised by the S&Ds in January of this year, S&D MEPs pushed for a plenary debate and the resolution 'Asset recovery to Arab Spring countries in transition' adopted today.

S&D Group president Hannes Swoboda said:

"The corrupt former regimes of Tunisia, Libya and Egypt stole billions in public money and stashed it in EU member states and beyond, in the form of complex financial assets. Following the 'Arab Spring' revolutions, the citizens of these countries must see these assets returned transparently and effectively. The funds should be put to good use to revive their economies, improve the quality of their lives and - most importantly - to eradicate the destructive culture of corruption that prevailed before."

Ana Gomes, S&D MEP and co-ordinator for foreign affairs, acknowledged that asset recovery is a complex process, but stressed that the EU does have a role to play:

"The transitional authorities of our southern Mediterranean partners are struggling with limited resources and a lack of familiarity with the complex legal systems of our member states. They are also up against banking secrecy and, in some cases, an unwillingness to co-operate. Therefore, the EU has an obligation to act on its declarations of support for the transition towards democracy and the rule of law in these countries by assisting in the asset recovery process. This requires strong political will, clear channels of communication and a mechanism that can provide the financial and legal expertise to support the Arab authorities."

S&D MEP Pino Arlacchi added:

"This resolution should begin the first large scale attempt to identify, confiscate and repatriate these assets - totalling more than the GDP of all the countries involved put together. We want to see an EU mechanism established without delay, bringing together a team of first class investigators, prosecutors and lawyers to provide Arab Spring countries with all the technical assistance they need throughout the asset recovery process. This mechanism should be funded through adequate EU resources and should be operational within a few months." end