Nigerian president calls for action against IFFs

Nigerian President Muhammadu Buhari has called for stringent actions against illicit financial flows (IFFs).

As well as actions to prevent illicit outflows, Buhari is also calling for a crackdown on safe havens for illicitly obtained funds.

Conducive environments

Buhari called for curbs on IFFs on the sidelines of the Paris Peace Forum, held earlier this month on the centenary of Armistice Day.

The Nigerian president said that continuing to support legal and regulatory environments that support IFFs would encourage continued pilfering of countries’ resources, especially in emerging markets.

Nigerian actions

Buhari said Nigeria had strengthened its laws and institutions to fight corruption.

Nigeria is also implementing plans for the fast-track recovery of stolen assets and Buhari says offenders will be severely punished.

Complicit professionals

“We must crack down on safe havens for corrupt assets,” Buharu told the 70 world leaders who attended the Paris Peace Forum.

“I also advocate sanctions by professional bodies against transactional middlemen – lawyers, bankers, brokers, public officials – who facilitate illicit financial flows” he concluded.

Categories: Trade Based Financial crimes News

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