President Muhammadu Buhari says there is a compelling need to strengthen international cooperation in the global effort to curtail the menace to of Illicit financial flows as current international mechanisms are not strong enough to address the menace
The President stated this in a speech delivered on his behalf by Vice President Yemi Osinbajo, Thursday, at the Financial Accountability, Transparency and Integrity (FACTI) Panel Video Conference, organized on the sidelines of the ongoing United Nations General Assembly (UNGA).
The session also featured presentations by the immediate past President of the United Nations General Assembly, Professor Tijjani Muhammad-Bande and Ambassador Mona Jul of the Economic and Social Council (ECOSOC).
In a statement by the senior special assistant to the Vice President, Laolu Akande, the current international mechanisms for asset recovery are not good enough as can be seen in the amounts lost to illicit financial flows and the length of time taken before the repatriation of just a small fraction is made.
The statement adds that FACTI Panel report can play an important role in bridging the expectations of source and destination countries as well as in harmonizing the process of assets recovery and return.
Speaking on the approach to promote equity and help achieve economic growth, President Buhari said “we agree with the Panel on the importance of having a balanced approach that reflects the situation in different regions and the priorities of different stakeholders”.
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Justifying the call for an urgent overhaul of the global system, the President said that evidence suggests that the contemporary international tax system uses a taxing rights regime that is not fit for purpose, as it makes combating tax abuses, especially by multinational corporations, difficult for most developing countries.
Emphasizing the point about the dangers posed by the illicit financial flows and how the Panel’s work can be useful, the President said the problem will be best addressed internationally.
Other leaders who spoke at the forum include the Prime Minister of Norway, Erna Solberg; the Prime Minister of Pakistan, Imran Ahmed Khan Niazi; Former President of Lithuania and FACTI Panel Co-Chair, Dalia Grybauskaite; and Ibrahim Mayaki, former Prime Minister of Niger and FACTI Panel Co-Chair.
Editor: Nkoli Omhoudu
