Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

French Draft Law Is a Warning to Corrupt Leaders

French Draft Law Is a Warning to Corrupt Leaders

France may soon join just a handful of countries, including the United States and Switzerland, with far-reaching legislation aimed to repatriate confiscated stolen assets to their countries of origin.
A luxury townhouse on Avenue Foch — one of Paris’ chicest addresses — is caught up in a yearslong legal battle between France and Equatorial Guinea.

The African nation argues the mansion is part of its diplomatic mission, while French prosecutors claim it is owned by Teodorín Obiang, the wealthy son of Equatorial Guinea’s longtime leader.

So far, France is winning. A Paris court fined the younger Obiang millions of dollars and handed him a suspended prison sentence. The reason: The court said he plundered his nation to finance his luxury lifestyle — a sentence upheld last November by the International Court of Justice in The Hague. French authorities have also seized the 100-room Paris mansion, along with other property including a fleet of luxury cars.

Equatorial Guinea is appealing the case, and France’s highest court is expected to examine it shortly. If France wins again, the millions of dollars in assets would normally end up in its public coffers.

But a new measure making its way through French parliament may change that trajectory. If it becomes law, the millions would instead head back to Equatorial Guinea — targeting its majority poor population.

“This is the money that was stolen from people that work hard in their country, people that really need this money. And we need to make sure that it will go back in those countries and use it properly,” said Deputy Herve Berville of the ruling La Republique en Marche (LREM) party, who is helping to sponsor the measure.

The legislation passed last week in France’s National Assembly, but still faces a Senate vote.

“It’s really important to tell our citizens and the citizens of the world in those countries — in Africa, Asia and Latin America — that France will not allow dictators or sort-of dictators to take money that’s not their money,” he said.

Anti-corruption groups praise the legislation, but they argue some of the language needs strengthening.

“For us, the legislation is not completely adequate to what we were expecting,” said Sandra Cossart, director of French NGO Sherpa. “And especially it’s lacking this principle that for us is mandatory — that is transparency, accountability … and also, very important, the very close participation of civil society in the countries involved.”

If it becomes law, the legislation could affect other high-profile cases underway here. Among them: Rifaat al-Assad, uncle of the Syrian leader Bashar al-Assad. A Paris court sentenced him to prison last year for money laundering and misappropriating public funds to buy luxurious French property. He, too, is appealing his conviction.

Also involved in a so-called ill-gotten-gains investigation in France: the family of conflict-torn Yemen’s late president Ali Abdallah Saleh.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Severe Heatwave Claims 2,300 Lives Across Europe
Declining Beer Consumption Signals Cultural Shift in Germany
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
Jeff Bezos and Lauren Sanchez's Lavish Wedding in Venice
Russia Launches Largest Air Assault on Ukraine Since Invasion
Massive Anti-Government Protests Erupt in Belgrade
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Hungary's Prime Minister Criticizes NATO's Role in Ukraine
EU TO HUNGARY: LET THEM PRIDE OR PREP FOR SHADE. ORBÁN TO EU: STAY IN YOUR LANE AND FIX YOUR OWN MESS.
Hungarian Scientist to Conduct 30 Research Experiments on the International Space Station
NATO Members Agree to 5% Defense Spending Target by 2035
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
International Astronaut Team Launched to Space Station
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
Oil Prices Set to Surge After US Strikes Iran
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
×