Wednesday, 19 April 2017 00:35

We're Going After Those Who Have Stolen Our Money, Adeosun Tells International Community

Minister of Finance, Kemi Adeosun Tuesday in Washington called for strong executive and legislative collaboration in illicit financial flows from Africa. 

 

"When stolen money is transferred from Nigeria, or other African countries, there are too few questions asked by those countries that receive the funds, but when we identify those funds as stolen and seek to recover them, there are too many questions being asked."

Adeosun made this statement at the sidelines of the World Bank and IMF Spring Meeting while addressing parliamentarians from around the world at the Global Parliamentary Conference.

"There is money sitting in foreign bank accounts that we have spent over a decade trying to recover. That is money that could deliver significant value for Nigeria as we seek to increase spending on critical infrastructure and establish a basis for long term sustainable growth."

“We are going after those who have stolen our money. We have put in place a very successful whistle blower programme that is delivering results, and allows those who report illicit activity to receive up to 5% of any funds that we recover. We are also significantly improving our financial management controls to ensure that it is considerably more difficult for public funds to be diverted. We have to do more though and that means collaboration with the legislature. We need tighter tax and financial reporting legislation and to ratify bilateral agreements so that our enforcement agencies are empowered to deliver the results that we need.”

"I hope that the Automatic Exchange of Information scheme coming into force next year will be a step towards achieving greater transparency, but we need more collaboration amongst parliamentarians in Africa, and across the World to ensure that this situation improves and that recipient countries are held to account, she said.

 
Last modified on Sunday, 23 April 2017 20:56

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