Connect with us

Hi, what are you looking for?

SleeKic

Newsbit

Illicit financial flows deprive Nigeria of funds needed for development

Illicit financial flows deprive Nigeria of funds needed for development


Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa has revealed that illicit financial operations deprive the country of resources needed for development.

This was stated on Wednesday by the EFCC chairman at a conference organised by the Civil Society Legislative Advocacy Centre (CISLAC), in Abuja.

The conference was focused on addressing corruption and illicit financial flows (IFFs), especially with cases involving international companies and foreign countries.

According to the EFCC chairman, the methods deployed by perpetrators and their foreign accomplices to hide illicit funds include, chain of ownership, nominee shareholding, trusts, and anonymous ownership.

Advertisement. Scroll to continue reading.

He added that countries need to be more transparent on transactions involving illicit funds.

“The IFFs in Nigeria are perpetrated by corrupt leaders and their foreign accomplices and multinational companies. The situation we have seen in Nigeria is that corrupt government officials and their private sector collaborators use 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 transfer the same to safe havens in foreign jurisdictions,” he said.

“The real problem is not just about anonymity, but the lack of transparency on the part of the countries where these monies are held, to the countries where these monies are stolen from

window.fbAsyncInit = function () { FB.init({ appId: '648141412443560', xfbml: true, version: 'v2.0' }); FB.Event.subscribe('comment.create', function (comment_data) { console.log(comment_data); update_comments_count(); }); FB.Event.subscribe('comment.remove', function (comment_data) { update_comments_count(); });

function update_comments_count(comment_data, comment_action) { jQuery.ajax({ type: 'GET', dataType: 'json', url: 'https://www.withinnigeria.com/news/wp-admin/admin-ajax.php', data: { action: 'clear_better_facebook_comments', post_id: '44570' }, success: function (data) { // todo sync comments count here! data have the counts }, error: function (i, b) { // todo } } ) }; };

appendFbScript(); }

appendFbScript();

})(); });



Source link

Advertisement. Scroll to continue reading.
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Entertainment

We should probably set up a system that pays us a nickel for every time we reiterate that love has no limits – we’ll...

Entertainment

Pooh Shiesty might not have shot the club security guard in Miami after all — at least that’s what the alleged victim’s saying now...

Newsbit

Familusi Akin Babajide (FAB) sits with Fadé Ogunro, the Founder and CEO at BookingsAfrica.Com for a conversation, in this episode of “Under 40 CEOs“. Fadé Ogunro is...

Entertainment

Maison Martell is delighted to announce Davido, the singer-songwriter and record producer, as its new “Standout Swift”. He will become an international ambassador for...

Advertisement