Illicit Financial Flows
EFCC: Top government officials involved in illicit financial flows
The Economic and Financial Crimes Commission (EFCC), has accused Nigerian leaders and top government officials of aiding the Illicit Financial Flows (IFF) activities in the country. The EFCC also revealed that corrupt government officials and their private sector collaborators used fronts and ownership structures that do not provide sufficient information about the true identities of the natural persons behind the title to hide illicit money and transferred same to safe havens abroad. The Executive Chairman of the EFCC, Mr. Abduralsheed Bawa, disclosed this during a one-day conference that was organised by the Civil Society Legislative Advocacy Centre (CSLAC) on IFF on Corruption in Arbitration in Abuja Bawa, who was represented by the Head of Research Unit, Department of Policy Research a...
Report: Nigerian politicians own 800 assets worth $400 million in London, Dubai
File Photo An Associate Fellow of Chatham House, London, Mr. Matthew Page, said yesterday that 800 property worth $400 million and owned by Politically Exposed Persons (PEP) in Nigeria were located in London and Dubai. The revelation is coming as the Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Prof. Bolaji Owasanonye, said it dragged about 2,000 corporate entities into the country’s tax net. A statement issued by ICPC said Page made the disclosure in his paper presentation titled: “IFFs through the Real Estate and Education Sectors: Implications for Investigators,” at an event organised by the agency in Abuja. He urged the investigators of the ICPC to pay attention to real estate and education sectors-linked illicit financial flows. He noted ...
Femi Falana: EFCC can mandate bank MDs, executives to declare assets
The Economic and Financial Crimes Commission (EFCC) is charged with the responsibility of enforcing the provisions of all laws relating to economic and financial crimes, Africa’s leading human rights lawyer, Mr. Femi Falana (SAN) has said. Consequently, according to the senior advocate, the anti-graft commission is empowered to cause investigations to be conducted into the properties of any person as stipulated under Section 7 (1) (b) of the EFCC Act, 2004. Also yesterday, Transparency International (TI) argued that if the provisions of the Bank Employees, etc. (Declaration of Assets) Act, 1986 were effectively enforced, Nigeria could save between $15 billion and $18 billion illicit financial flows (IFFs) annually. Falana clarified the roles of the EFCC in a response to inquiries on whethe...
Crypto ban: We acted in Nigerians’ best interest – CBN
The Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele, says the Bank’s decision to prohibit deposit money banks, non-banking institutions, and other financial institutions from facilitating trading and dealings in cryptocurrency is in the best interest of Nigerian depositors and the country’s financial system. Mr Emefiele made the declaration on Tuesday, February 23, 2021, while briefing a joint Senate Committee on Banking, Insurance and Other Financial Institutions; ICT and Cybercrime; and Capital Market, on its directive to institutions under its regulation. Describing the operations of cryptocurrencies as dangerous and opaque, the CBN Governor said the use of cryptocurrency contravened an existing law. He said given the fact that cryptocurrencies were issued by unregulated and...
VP Osinbajo urges destination countries to insist on repatriation of illicit funds
Vice President Yemi Osinbajo has urged leaders of destination countries to insist on repatriation of illicit funds and proceeds. Osinbajo’s spokesman, Laolu Akande, in a statement on Monday in Abuja, said the Vice President made the submission at the virtual inauguration of a publication by the UN Conference on Trade and Development (UNCTAD) on the impact of illicit financial flows (IFFs) on African Development. Osinbajo called for an overhaul of the international tax system in order to tackle the scourge. “The enormity of efforts required to tackle illicit financial flows is evident in the many dimensions the scourge presents itself. “It manifests through harmful tax policies and practices, abusive transfer pricing, trade mis-pricing and mis-invoicing illegal exploitation of natural resou...
