A/HRC/28/60 there is a lack of comprehensive information as to where illicit funds are held.13 While in some cases significant funds may be returned and invested in private assets, such as land and luxury estates in the countries of origin, most funds remain offshore (A/HRC/22/42, paras. 20–23). The main beneficiaries of illicit financial flows are secrecy jurisdictions, financial service providers and economic sectors into which laundered funds are reinvested, including vendors of luxury estates and producers of luxury goods. 14. Against common beliefs, corruption-based illicit financial outflows account only for a small fraction of all illicit financial flows. The Stolen Asset Recovery Initiative (StAR), a joint initiative by the World Bank and the United Nations Office on Drugs and Crime (UNODC), has tried, jointly with Organisation for Economic Co-operation and Development, to track international asset recovery efforts relating to corruption-based illicit financial flows. Their report Few and Far: The Hard Facts on Stolen Asset Recovery, published in September 2014, provides a bleak picture of international asset recovery efforts.14 15. Between 2010 and June 2012, only 8 of 34 OECD countries reported asset recovery efforts (Belgium, Canada, Luxembourg, the Netherlands, Portugal, Switzerland, the United Kingdom of Great Britain and Northern Ireland and the United States of America) including cross-border asset tracking, freezing or asset return efforts.15 16. On the positive side, the volume of assets frozen between 2010 and June 2012 amounted to US$ 1.39 billion and increased in comparison to the four-year period from 2006 to 2009 (US$ 1.23 billion). However assets returned from 2010 to June 2012 remained US$ 147.2 million lower compared to the earlier period. A slightly positive development is that assets returned to developing countries increased from US$ 108.1 million (during the four years from 2006 to 2009) to 127.7 million (for the 2.5 years from 2010–June 2012). However, the total volume of assets returned between 2006 and June 2012 was US$ 423.5 million, which is significantly less than the US$ 2.623 billion in assets that were reported frozen, and again only a fraction of the estimated US$ 20 billion to 40 billion stolen each year from developing countries by means of corruption-related activities.16 Figure 3 illustrates this relationship, assuming a rather conservative estimate of an annual outflow of US$ 20 billion in the form of corruptionbased illicit financial flows. 13 14 15 16 For recent estimates, see Gabriel Zucman, “The missing wealth of nations: Are Europe and the U.S. net debtors or net creditors?” in Quarterly Journal of Economics, vol. 103, No. 3, 2013; Gabriel Zucman, “Taxing across borders: tracking personal wealth and corporate profits”, Journal of Economic Perspectives, vol. 28, no.4, 2014. Larissa Grey and others, Few and Far: The Hard Facts on Stolen Asset Recovery (Washington, D.C., World Bank, 2014). Ibid. p. 18. It should be noted that in addition France and Australia reported asset freezes during the period 2006–2009. Ibid. pp. 18–21 and p. 26. The data do not include assets frozen worldwide pursuant to United Nations Security Council resolutions 1970 (2011) and 1973 (2011) in relation to Libyan individuals and institutions, amounting to US$ 25.6 billion, which were not exclusively the proceeds of corruption. 7