President Muhamnadu Buhari is
currently in Paris, France for the first edition of the Paris Peace Forum.
The Nigerian leader spoke
yesterday on “Illicit financial flows (IFFs) and corruption: the challenge of
global governance.”
Here is the full text of the
President’s speech:
I am delighted to be part of the
inaugural edition of the Paris Peace Forum and would like to commend the
Government of France for this laudable initiative.
We also thank France for inviting
Nigeria to participate in the forum on the sidelines of the Centenary
Celebration of the Armistice. It is important to recall that although Nigeria
was not independent at the time, the fact remains that it had participated in
the war efforts.
3. Nigeria contributed a company
of riflemen and support services to the war under the Royal West African
Frontier Forces.
4. I should like on this
Remembrance Day, to pay tribute to the sacrifice and bravery of all those who
had fallen in battle and the pain and suffering of those they left behind.
5. More than half a million Africans
fought in the trenches of the First World War for France alone. There was
bitter fighting also in east and southern Africa and around Cameroon and
Nigeria. We shall not forget.
6. I believe this Forum would
provide the needed opportunity for knowledgeable exchange and sharing of best
practices on the challenges militating against the much needed good governance
in many countries of the world. It is on this premise that my presentation will
dwell on “Illicit Financial Flows And Corruption: The Challenge of Global
Governance”.
Distinguished Participants,
7. The cancerous effects of
Illicit Financial Flows and corruption on the socio-economic development of
countries are glaringly evident. The negative impact and ramifications of
Illicit Financial Flows are many-sided.
The list which is long and
ever-growing, includes:
a. Draining of foreign exchange
reserves;
b. Reduction of tax/revenue
collection;
c. Poor investment inflows due to
near absence of credibility, transparency and policy stability.
8. Illicit financial flows
escalate poverty by denying the citizens the benefit of the resources meant for
development.
9. This is a crime of opportunity
which thrives most in permissive environments. Such outflows further undermine
the rule of law, stifle trade and worsen macro-economic conditions.
10. These reprehensible acts are
being perpetrated by several international tax havens and secret jurisdictions,
which facilitate the operation of:
a. Disguised corporations;
b. Anonymous trust accounts;
c. Fake charitable foundations;
d. Money laundering and transfer
pricing mechanisms.
11. Indeed, Illicit Financial
Flows have exacerbated poverty and inequality in many societies of the world.
Thus, concerted and multi-jurisdictional efforts must be deployed to frontally
tackle the menace.
12. Combating corruption has been
a defining feature of our Government. Upon assuming office on 29th May, 2015,
we made fighting corruption one of the three pillars of our Administration’s
priority programmes, given the fact that corruption was threatening the very
foundation of our national life, socio-economic development, security and even
the consolidation of our democracy.
13. We continue to demonstrate
zero tolerance for corrupt practices and non-conformity conduct in public life,
by confronting corruption head-on. This is predicated on the fact that we
remain steadfast in our commitment of ensuring integrity and ethical conduct in
the task of governance. We are mindful of the primacy of leadership by example
in this regard.
14. Our efforts at fighting
corruption are firmly within the limits of the rule of law, in spite of the
interest-forcing strategies of those who chose to discountenance the
fundamental value of compliance with the laws of the land.
15. With the progress we have
made, we feel the need to ensure that we put enduring institutional frameworks
in place for action and measures that will consolidate our achievements in the
fight against Illicit Financial Flows and corruption.
16. In the circumstances,
strengthening the institutional capacity of anti-corruption bodies has been
accorded due attention. For us, therefore, effective institutions and political
will are strong counter-measures against corruption and Illicit Financial
Flows.
17. In addition, we introduced
the Whistle-Blowing policy, whereby information on the violation of financial
regulations, mismanagement of public funds and assets, financial malpractices
or fraud as well as theft can be reported to authorities.
18. This policy is geared towards
ensuring public accountability and transparency, and it has yielded dividends,
as we have recovered billions of Naira from corrupt persons and companies.
19. We have also redirected
recovered funds to the development of critical infrastructure and programmes
that will benefit our people. Funds and assets recovered through our actions,
will be deployed in delivering the Sustainable Development Goals (SDGs).
20. At the continental level, the
African Union also launched the war against corruption and bestowed on me the
honour to champion the cause. In this connection, our priorities for
international cooperation as a continent will focus on the following:
a. Strengthening international
cooperation on asset tracing, recovery and repatriation;
b. Enhancing cooperation between
the African Union and the United Nations’ anti-corruption monitoring mechanisms
through stronger engagement; and
c. Widening the understanding and
relevance of anti-corruption efforts towards the realization of Agenda 2063 and
the Sustainable Development Goals.
21. Appropriate legislation and
policies which promote transparent financial transactions should be encouraged.
22. In addition, regulatory
institutions and agencies should be strengthened to fight corruption. Nigeria
has a good example in this regard with the Tax Appeal Tribunal inaugurated
recently. The Tribunal arbitrates between tax payers and government in order to
ensure equity and fairness in tax administration.
23. In accordance with relevant
international statutes, asset return is unconditional. It is a commitment which
members of the international community must abide by.
24. Nigeria, therefore,
reiterates its commitment to all existing international legal frameworks to
enforce anti-corruption measures, including the recovery and return of stolen
assets.
Distinguished Participants,
25. While acknowledging the
tremendous progress that has been achieved through the enactment of global
instruments, some fundamental technical issues remain unresolved.
26. 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.
27. 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.
Distinguished Participants,
28. 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.
29. 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.
30. 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.
Distinguished Participants,
31. 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.
32. Among other things, the
Declaration encapsulates our collective commitment to the principles of Open
Government Partnership, especially the National Action Plans to actualize
beneficial ownership transparency, enhance the capacity of Financial
Intelligence Units (FIUs), reinforce Independent Reporting Mechanisms and
support the activities of the Global Forum on Transparency and Exchange of
Information for Tax Purposes. We should remain resolute in our commitment to
the aforementioned goals.
33. Similarly, 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.
34. 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.
Esteemed Ladies and Gentlemen,
35. Finally, let me reiterate the
importance of unity and collective action. It is only together that we stand a
better chance to win the fight against the menace of Illicit Financial Flows
and corruption.
I thank you for your patience and
attention.
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