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.

https://newsprex.com/discussion/2413/nigerians-are-no-longer-afraid-of-prison-because-corruption-is-now-lucrative-buhari

Buhari, you're a failure.

And who's the one that promised change again?

Zai baba is so clueless and incompetent walai. Always denigrating Nigerians everywhere he goes.

PMB should just stop using us as bad example to the world. He is suppose to be Nigeria's chief marketer

Buhari will not stop demarketing Nigerians anywhere he goes .

Only him speak bad of his country people to the international community.

Tell that to Gantuje useless old man

you are also corrupt oga even ur son that one that bought power bike worth 60millions

No wounder this present government embark on relooter of looting...

True talk!
I hope people will not misconstrue what mr President has said.
Read the whole article! Get the context my people.

Every nation has her own challenges. You can never hear any world leader discuss their country's personal issues on a foreign soil instead they rather promote their countries and create impressions that all hands are on deck.

My own president has made us an object of ridicule back to back. This man belongs to the old people's home for retirement and not the no 1 spot as president.

This dullard needs to leave that office like seriously. Who says that about his own. Who did Nigeria offend to have this lifeless thing?

Seriously our big thieves are not afraid to go to jail. But Baba sir, they're feeling your heat and that's why they gang up against you. But at last you shall succeed over them.

Buhari the incorruptible judge

poverty is everywhere and there is free food in prison. do you mind going?

See who's talking

Is peace summit and corruption related ?

The president fail to understand that he is the chief of corruption in Nigeria. He is the most corrupt person in Nigeria.

Sai Baba, ah swear! These Nigerians ready to steal and if caught go to jail. Its because human rights have improved prison conditions and prisoners now have rights.

Fighting Loopsided Corruption is only yeye Market Buhari is selling and preaching to the world. His Counterpart Presidents are busy boosting their economies and creating jobs, Buhari is busy borrowing monies all d world and while his crew are looting it in the name of fighting corruption.

Pls someone should ask Buhari what is the level of corruption in NNPC now even as he is the Petroleum Minister?

Newsprex:
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.

Illicit cash flow perpetrated by the likes of Gandollar ?

Ya all made it so

That is what you get when all the solution you have is threat of JAIL.

When experts talk about preventive measures you thought "JAILING" (without trial) is the ultimate and the only solution.

What will you do now - will you say people should be killed without trial?

Lifeless talking

Are you sure it's baba that said this? I don't see how the Fulani herdsman, who probably doesn't remember what brand of adult pampers they put on him this morning, could actually say all this.

Say no to lifelessness this 2019.
#Atikulating all the way

lol

Shut up you son a thousand fathers.

Smh....All this old man knows is talk and fight against corruption.

Nigerians ar jxt so gullible. This man has spent over 3years fighting corruption wit no reasonable or visible improvement in the economy.

People are hugry and losing their jobs in hundreds daily yet all this man knows is to keep shouting corruption whn he himself is corruption personified.

that is why you have to develop another means to fight it, but you lack that ability