Osinbajo declares illicit financial flows, asset recovery parley open today
Acting President, Professor Yemi Osinbajo, will declare open a 3-day Conference on Promoting International Cooperation in Combating Illicit Financial Flows and Enhancing Asset Recovery to Foster Sustainable Development in Abuja today (Monday).
The conference is aimed at closing the knowledge gap on the nature and effect of annual cross border flow of proceeds of criminal activities mostly from developing and transitional economies to developed economies sustained by a global shadow financial system.
A statement by Comrade Salihu Othman Isah, the Special Adviser, Media and Publicity to the Attorney General of the Federation and Minister of Justice, Abubakar Malami (SAN), said the conference will be hosted at the State Banquet Hall of the Presidential Villa, State House, Abuja.
The event is being convened under the auspices of the Presidential Advisory Committee Against Corruption (PACAC) in collaboration with the Federal Ministry of Foreign Affairs and the Federal Ministry of Justice.
The parley will focus on illegal practices such as direct looting, money laundering, tax evasion, profit shifting by multinational corporations, trade mispricing among other topics.
“The event will also consider how to enhance the asset return process and diminish delays, bottlenecks and apathy that currently characterize the asset return process. Furthermore, the use of returned stolen assets for SDG and human rights will be in focus.”
It would be chaired by Mr. Akere Muna, Chair, International Anti-Corruption Conference Council, former Vice-Chair, Transparency International (TI), and Member, African Union High Level Panel on Illicit Financial Flows otherwise known as the Thabo Mbeki Panel.
It is expected that resolutions on modalities for promoting international cooperation in combating illicit financial flows and enhancing asset recovery and the role that appropriate use of returned assets can play in achieving sustainable development goals will be reached.
According to the organisers, the event will attract political leaders, Ministers, parliamentarians, senior government officials, private sector executives, experts, representatives of regional and international organizations, banking institutions, civil society organizations, and key stakeholders across Africa and globally.
