The Nigerian government has issued a declaration of intent to curb illicit financial flows (IFFs).

The Abuja Declaration on Promoting International Cooperation to Combat IFFs and Enhance Asset Recovery was made at the end of a three-day conference held in the Nigerian capital.

International cooperation

The declaration, which was prepared with assistance from the Norwegian government, contemplates tougher regulations in Nigeria to curb IFFs.

The document also calls on countries where illicitly gained Nigerian assets are held to introduce procedures to facilitate their recovery.

Trade-based crime

The Nigerian authorities say they will develop measures specifically to tackle trade misinvoicing and tax evasion.

Measures will also be introduced to retain substantial sums of money currently lost through transfer mispricing by multinational companies.

State assets

Financial institutions will be called on to scrutinise the bank accounts of designated persons.

Senior government officials, leaders of political parties, executives at state-owned enterprises and other people with access to state assets and the power to manage them can expect to be designated.

Categories: Trade Based Financial crimes News