President Buhari on Sunday in Paris, France, called for
stringent actions against perpetrators of illicit financial flows, including
crackdown on safe heavens, warning that continuous impunity will encourage more
pilfering of countries’ resources to the detriment of poor and vulnerable
populace.
Speaking at the first edition of the Paris Peace Forum held
on the sidelines of the Centenary of Armistice Day, President Buhari said
Nigeria has 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 pose a risk to the
realisation of the Sustainable Development Goals (SDGs) 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 systems.
“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,’’ President Buhari said.
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, especially the National Action Plans to actualize
beneficial ownership transparency and enhance the capacity of Financial
Intelligence Units (FIUs).
He 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 reinforced.
“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 added.
President Buhari said tremendous progress had been achieved
through the enactment of global instruments, noting that some fundamental
technical issues remain unresolved.
“These revolve around the formulation of policy and
regulatory frameworks that cut across different jurisdictions. 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 centres.
“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 agencies. 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 said.
He 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 will benefit
all Nigerians and realisation of the SDGs.
At the continental level, the President said the African
Union had bestowed on him the honour to champion the fight against corruption,
which 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.
