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President Buhari Calls for Stricter Actions Against Illicit Financial Flows
President Muhammadu Buhari has called for an enforcement of stricter actions against offenders of illicit financial flow.
The president made this known during his speech at the first edition o the Paris Peace Forum held at the Grande Halle de la Villette, Paris, on Sunday, November 11.
According to a statement issued by the media aide of the president, Femi Adesina, Buhari delivered his statement on “Illicit Financial Flows (Iffs) and Corruption: The Challenge of Global Governance’’.
The president warned that continuous impunity would encourage the habit of pilfering of countries’ resources to the detriment of poor and vulnerable populace, including that Nigeria had strengthened its laws and institutions to fight corruption, fast-track recovery of stolen assets and punish offenders.
He also called for more commitment from governments and international institutions.
“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,” he said.
“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.’’
“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,’’ he said.