ILLICIT FINANCIAL FLOW: Buhari calls for tougher measures against lawyers, bankers

President Muhammadu Buhari has advocated for tougher measures to be taken against middlemen, especially lawyers, bankers and brokers who aid illicit financial flow as a way of curbing tge menace.

According to the President, who spoke on Sunday at the first edition of the Paris Peace Forum on the sidelines of the Centenary of Armistice Day, professional bodies has to take tougher stand against transactional middlemen, who he named as lawyers, bankers and bankers to end the menace.

According to a statement by the Special Adviser to the President on Media and Publicity, Mr Femi Adesina, Buhari who spoke on “Illicit Financial Flows and Corruption: The Challenge of Global Governance”, called for stringent sanctions against perpetrators of illicit financial flows, including a crackdown on safe havens.

According to the President Buhari, 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.

He said: “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.”

Continuing, the President said illicit financial flows pose a risk to the realisation of the Sustainable Development Goals as many countries grapple with the challenge of gathering resources to improve their Human Development Index, while a few privileged individuals continue to exploit the weaknesses in financial the 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.

Read also: BUDGET DELAY: Buhari not telling Nigerians the truth —Sen Olujimi

“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 underestimate 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 also called on 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 actualise beneficial ownership transparency and enhance the capacity of Financial Intelligence Units, adding that 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.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now