Buhari wants stiff penalty for illicit financial deal
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by ismaila chafe7 he therefore assured that this task would be focused on strengthening international cooperation on asset tracing recovery and repatriation and enhancing cooperation between the african union and the united nations anti-corruption monitoring mechanisms. nan1 he also called for a crackdown on safe heavens of such perpetrators1 mr femi adesina the presidents special adviser on media and publicity in a statement in abuja said buhari made the call at the first edition of the paris peace forum held on the sidelines of the centenary of armistice day1 buhari warned that continuous impunity would encourage more pilfering of countries resources to the detriment of poor and vulnerable populace1 the president 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 institutions1 he 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 governments1 he said we must crack down on safe havens for corrupt assets1 i also advocate sanctions by professional bodies against transactional middlemen lawyers bankers brokers public officials etc. who facilitate illicit financial flows1 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 corruption1 the nigerian leader noted that illicit financial flows posed a risk to the realisation of the sustainable development goals sdgs1 according to him this is so as many countries grapple with the challenge of gathering resources to improve their human development index while a few privileged individuals continue to explore the weaknesses in financial systems1 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 perpetrators1 president muhammadu buhari currently attending the paris peace forum has called for stringent actions against perpetrators of illicit financial flows1 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 he said1 the president urged world leaders and global institutions to remain resolute on the global declaration against corruption made in london in 20161 he observed that the declaration had encapsulated the collective commitment to the principles of open government partnership especially the national action plans to actualize beneficial ownership transparency and enhance the capacity of financial intelligence units fius1 buhari said the independent reporting mechanisms and support for the activities of the global forum on transparency and exchange of information for tax purposes should be reinforced1 as we take stock of the strengths and weaknesses of domestic regional and international mechanisms against illicit financial flows i seize this opportunity to recall the global declaration against corruption made in london in 2016 and our commitment thereto he added1 he said said tremendous progress had been achieved through the enactment of global instruments noting that some fundamental technical issues remain unresolved1 these revolve around the formulation of policy and regulatory frameworks that cut across different jurisdictions1 we must not lose sight of the role played by secret companies banks and law firms all too often based in developed economies and their related offshore centres1 recent studies reveal that flaws in the global financial system enable corrupt individuals to hide details of their financial dealings under the noses of governments and law enforcement agencies1 this underscores the need to urgently address the issue of mutual legal assistance as well as continental legal frameworks in the context of safe havens for illicit transfers he said1 the president disclosed that the whistle-blowing policy had facilitated recovery of billions of naira from corrupt persons which had been redirected to the development of critical infrastructure and programmes that would benefit all nigerians and realisation of the sdgs1 at the continental level the president said the african union had bestowed on him the honour to champion the fight against corruption across the continent1 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 origin1