Vice
President Yemi Osinbajo has said tracing, freezing and retrieving stolen assets
was frustrating and difficult for most African countries.
President Yemi Osinbajo has said tracing, freezing and retrieving stolen assets
was frustrating and difficult for most African countries.
He
said it had been difficult “to get back stolen assets from the international
financial system such as banks that ought not to have received those funds in
the first place if even the most routine questions were asked.”
said it had been difficult “to get back stolen assets from the international
financial system such as banks that ought not to have received those funds in
the first place if even the most routine questions were asked.”
Osinbajo
spoke in Paris, France, at the anti-corruption and integrity forum of the
Organisation for Economic Cooperation and Development (OECD).
spoke in Paris, France, at the anti-corruption and integrity forum of the
Organisation for Economic Cooperation and Development (OECD).
Osinbajo
disclosed that Nigeria just signed a bilateral mutual legal assistance treaty
on collaboration of financial crimes with numerous countries within and outside
the West Africa.
disclosed that Nigeria just signed a bilateral mutual legal assistance treaty
on collaboration of financial crimes with numerous countries within and outside
the West Africa.
His
words: “Secretary-General, We must work collaboratively to ensure transparency
in financial transfers, and outlaw secrecy jurisdictions.
words: “Secretary-General, We must work collaboratively to ensure transparency
in financial transfers, and outlaw secrecy jurisdictions.
“There
must be more rigorous enforcement of rules promoting transparency in the
international banking and financial systems, especially more stringent KYC
rules on customer identity, source of wealth, and even country of origin.
must be more rigorous enforcement of rules promoting transparency in the
international banking and financial systems, especially more stringent KYC
rules on customer identity, source of wealth, and even country of origin.
“Countries
hosting global financial centers, and other usually targeted destinations of
illicit flows must be held more accountable to enforce mechanisms which ensure
transparency of ownership, control, beneficial ownerships, trusts and other
legal contrivances that may be used to camouflage financial or other assets.
hosting global financial centers, and other usually targeted destinations of
illicit flows must be held more accountable to enforce mechanisms which ensure
transparency of ownership, control, beneficial ownerships, trusts and other
legal contrivances that may be used to camouflage financial or other assets.
“Open
contracting and information systems, are also crucial. Responsible government
authorities ought to have information about which companies won what contracts,
and what they have paid as taxes to governments in host and home countries.
contracting and information systems, are also crucial. Responsible government
authorities ought to have information about which companies won what contracts,
and what they have paid as taxes to governments in host and home countries.
“This
is especially important for the extractive industry. Nigeria is committed to
these standards having joined the Open Government Partnership in 2016.
is especially important for the extractive industry. Nigeria is committed to
these standards having joined the Open Government Partnership in 2016.
“Tracing,
freezing and Return of stolen assets has proved in many cases to be
exceptionally difficult for most African countries.
freezing and Return of stolen assets has proved in many cases to be
exceptionally difficult for most African countries.
“We
in Nigeria have seen just how difficult it is to get back stolen assets from
the international financial system, such as banks that ought not have received
those funds in the first place if even the most routine questions were asked.
in Nigeria have seen just how difficult it is to get back stolen assets from
the international financial system, such as banks that ought not have received
those funds in the first place if even the most routine questions were asked.
“A
robust global framework on repatriation of stolen assets which ensures quick
restitution to victim countries is long overdue.
robust global framework on repatriation of stolen assets which ensures quick
restitution to victim countries is long overdue.
“Your
Excellencies, there is consensus that corruption and illicit financial flows
out of Africa, inexorably delay the attainment of development goals, worsen
practically all human development indices and trap the majority of her people
especially the most vulnerable in a cycle of misery.
Excellencies, there is consensus that corruption and illicit financial flows
out of Africa, inexorably delay the attainment of development goals, worsen
practically all human development indices and trap the majority of her people
especially the most vulnerable in a cycle of misery.
“Only
a united global action has the power to reverse this trend. We respectfully
urge that this power be exercised more vigorously and without further delay”.
a united global action has the power to reverse this trend. We respectfully
urge that this power be exercised more vigorously and without further delay”.
