Buhari wants stringent actions against illicit financial flows

President Muhammadu Buhari has called for stringent actions against perpetrators of illicit financial flows, including a crackdown on the safe havens. The Presisent warned that continuous impunity would encourage more pilfering of countries’ resources to the detriment of the poor and vulnerable populace. The President was speaking at the first edition of the Paris Peace Forum, held on the sidelines of the Centenary of Armistice Day. He said Nigeria had strengthened its laws and institutions to fight corruption, fast-track recovery of stolen assets and punish offenders, urging more commitment from governments and international institutions. The President delivered his statement on “Illicit Financial Flows (Iffs) and Corruption: The Challenge of Global Governance’’ during the event, attended by about 70 world leaders and governments. “We must crack down on safe havens for corrupt assets. I also advocate sanctions by professional bodies against transactional middlemen (lawyers, bankers, brokers, public officials, etc.) who facilitate Illicit Financial Flows.

“I would like to reiterate that the government of Nigeria remains open and is ever willing to continue to identify and share experiences and strategies to give life to the ideas that will lead to winning the fight against corruption,’’ the President said. He noted that illicit financial flows posed a risk to the realisation of the Sustainable Development Goals (SDGs) as many countries grapple with challenges of gathering resources to improve their Human Development Index, while a few privileged individuals continue to explore the weaknesses in financial systems. According to a statement by the Special Adviser on Media and Publicity Femi Adesina, the President said “Our experience in Nigeria is that financial crimes, such as corruption and fraudulent activities, generate enormous unlawful profits which often prove so lucrative that the threat of a jail term is not sufficient to deter perpetrators. “A more powerful deterrent is to ensure that profits and assets generated from illicit financial flows and corruption are recovered and returned to countries of origin.

“This is not to under-estimate the value of strong institutions. It only indicates that asset recovery represents significant deterrence compared to the traditional focus on obtaining conviction by the law enforcement agencies of the countries of origin.’’ The President urged world leaders and global institutions to remain resolute on the Global Declaration Against Corruption made in London in 2016, which encapsulates the collective commitment to the principles of Open Government Partnership.