UNGASS: Nigeria Advocates Multifaceted Approach To Address Illicit Financial Flows

The Nigeria government has called for a multifaceted approach in addressing illicit financial flows as recommended by the High-Level Panel Report on International Financial Accountability, Transparency, and Integrity for Achieving the 2030 Agenda (FACTI Panel).

At a special session of the General Assembly on challenges and measures to prevent and combat corruption and strengthen international cooperation, in New York the Chairman, Economic and Financial Crime Commission, EFCC Abdulrasheed Bawa. said there was a need for governments at all levels to their responsibility and continue to commit to transparency and accountability in public expenditure.

He advocated for the simplification of evidentiary requirements and other mutual legal assistance procedures to seize, confiscate and repatriate proceeds of corruption, as appropriate, to enhance international cooperation for timely recovery and return of assets.

According to Bawa, there is a need for governments at all levels to rise to their responsibility and continue to commit to transparency and accountability in public expenditure.

“Measures must be introduced to mitigate the continuous flow of illicit funds from least developed to developed countries, State Parties must continue to commit to the timely return of illicit assets and ensure the implementation of effective anti-money laundering measures by International Financial Centers.”

According to him,” Recently, the Parliament launched the 2021 Legislative Anti-Corruption Agenda (LACS 2021) which seeks to provide a clear road map for a reform-based legislative intervention to prevent and combat corruption and financial crimes in Nigeria.”

” Some of the bills before the Parliament include the Witness Protection Bill, Proceeds of Crime (POCA), Bill and Public Interest Disclosure, and Complaints Commission Bill.”

The chairman observed that Nigeria had sustained its commitment to the social re-use of recovered assets as demonstrated in the funding of major road infrastructure projects and other social initiatives consisting of cash transfers to the most vulnerable groups, school meals, and funding of micro-credit schemes.

“The systemic imbalances and institutional deficiencies in the global tax treaties and structures, framed when most developing countries were under foreign rule in many respects continue to occur and give rise to a tax regime that is unsuited for the current era, and thus hindering effective measures at combating tax abuses, especially by multinational corporations.”

“We remain committed in our efforts to track, investigate and prosecute corrupt individuals and entities and repatriate such funds and assets to their countries of origin. Nigeria looks forward to the full implementation of all the commitments expressed in the Political Declaration, particularly on Asset Recovery and return, to support development financing as well as the implementation of the agenda 2030 for sustainable development,” he added.

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