Osinbajo calls for cross-border collaboration to curb illicit financial flows

Osinbajo calls for cross-border collaboration to curb illicit financial flows

- Yemi Osinbajo has said resources acquired from blocking illicit financial flows must be used for the people

- The vice president also noted that illicit financial flow from Africa could not be stopped without global outrage against it

- He applauded the recovery of Nigeria’s $321 million, noting it as a good example of what could be achieved through international cooperation

Nigeria's Vice President Yemi Osinbajo on Tuesday, September 11, warned that resources acquired from blocking illicit financial flows must be used for the interest and welfare of the people, The Punch reports.

NAIJ.com gathered that Osinbajo, who called for cross-border collaboration to stop illicit financial flow out of Africa applauded the recovery of Nigeria’s $321m that was stolen and hidden in Switzerland as a good example of what could be achieved through international cooperation.

Osinbajo, who was represented by special adviser to the president on economic matters, Dr Yemi Dipeolu, spoke in Abuja at the ‘Second International Conference on Combating Illicit Financial Flows and Enhancing Asset Recovery for Sustainable Development’.

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The ‘Second Abuja IFF/AR’ was organised by the Presidential Advisory Committee Against Corruption in collaboration with the African Union, Ministry of Foreign Affairs, Federal Inland Revenue Service, and the Federal Ministry of Justice.

Osinbajo said there should be an outrage against illicit financial flows as much as the anger drug trafficking, human trafficking and terrorist financing were attracting.

He said: “I repeat the call I made last year that illicit financial flows should attract the same level of global outrage that the world has for drug trafficking, human trafficking and terrorist financing.

“We must recognise that progress in the fight against illicit financial flows requires that we focus on tackling cross-border flows of corrupt and criminal activities as well as the ways and means by which they are facilitated."

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In a previous report by NAIJ.com, the federal government is making final preparation to disburse $322 million fund repatriated from the accounts of former Head of State, late General Sani Abacha in Switzerland to Nigerians.

The national coordinator of the Open Government Partnership (OGP), Nigeria and special assistant to the president on justice reforms, Juliet Ibekaku-Nwagwu, disclosed this in an interactive session with newsmen.

Ibekeaku-Nwagwu said under MoU with Switzerland, the funds would be paid directly into the accounts of the poorest Nigerians through their various accounts for two years and identification numbers to be made available on the website being developed by the National Social Investment office and the World Bank.

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Source: Naija.ng

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