6. Welcomes, in this connection, the initiative of Canada, France, Germany, Italy, the UK, Japan, Switzerland and the United States to issue a guide containing a comprehensive description of their national legal systems in relation to asset recovery, so as to give the requesting countries a better understanding of what is legally possible, the kind of information available, the types of investigation that can be conducted, and how to proceed in order to obtain effective asset recovery through the provision of mutual legal assistance; encourages all the Member States to do likewise and to establish a common EU set of principles;

3. Notes that, despite the considerable efforts made by the Egyptian, Libyan and Tunisian authorities and the strong political will on all sides, practitioners engaged in the recovery of misappropriated assets have experienced very limited success, owing mainly to the diversity and complexity of the relevant provisions and procedures in the various national legal systems, legal rigidity, the lack of expertise on the part of the Arab Spring countries concerned regarding legal, financial and administrative procedures in European and other jurisdictions and the lack of resources available to them;

B. whereas asset recovery by Arab Spring countries in transition is a moral and legal imperative and a highly political issue in the EU’s relations with its southern neighbourhood; whereas it is also an important economic issue for the southern neighbours concerned, given the potential for these assets, when returned and used in a transparent and effective manner, to contribute to their economic recovery; whereas asset recovery sends a strong message against the impunity of those involved in corruption and money laundering;

Extensive differences in legal regulation of overdue payment recovery therefore lead to uncertainties, especially in EU trade, and the additional costs prevent the EU’s aim of equal opportunities for market access for both local and EU operating companies.

Such a decision may only be taken if the costs already and likely to be incurred total more than the amount to be recovered or if the recovery proves impossible owing to the insolvency, recorded and recognised under national law, of the debtor or the persons legally responsible for the irregularity.

Covers legal advisory and representation services in any legal, judicial and statutory procedures, drafting services of legal documentation and instruments, certification consultancy; and escrow and settlement services.