President Muhammadu Buhari Thursday in Abuja revealed how criminals cheat the system through various practices.
“Criminals and their collaborators cheat the system through various practices, including trade mis-pricing, trade mis-invoicing, tax abuse and evasion, as well as money laundering, he said in a keynote address at the opening session of the 16th Conference of the Committee of Intelligence and Security Services of Africa (CISSA).
” Several unfair commercial agreements and illegal resource extraction by multinational companies, in cahoots with their local collaborators, also create routes for illicit financial outflows.
Buhari also noted that “any evasion of rules and regulations in ways that aid corruption in its various manifestations, including illicit financial outflows, must be vigorously fought and defeated.’’
According to him, “My role as African Union’s Anti-Corruption Champion brought me closer to appreciating more the devastating impact of corruption and illicit financial outflows on our continent.
“I am, therefore, pleased that this conference will boost the sense of urgency that we collectively have about this devastation and raise our response capacity at operational levels. In Nigeria, we have risen to the challenge. The fight against corruption remains at the core of our efforts to accelerate national development. We have recorded successes even though the perpetrators are not giving up and are trying to fight back.’’
He called on security agencies in Africa, especially the intelligence community, to tighten the loop against illicit financial flows, attributing rising security challenges to sponsorship by those who profit from illegal financial activities.