UN adopts Nigeria’s decision to curb IFFs

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    Geir Pedersen, Permanent Representative of Norway to the UN (2nd left) with Prof. Tijjani Bande, Nigeria’s Permanent Representative to the UN (centre) during one of the workshops organised by the two Missions on ‘Combating Illicit Financial Flows and Assets Recovery’ in New York
    Geir Pedersen, Permanent Representative of Norway to the UN (2nd left) with Prof. Tijjani Bande, Nigeria’s Permanent Representative to the UN (centre) throughout one of many workshops organised by the 2 Missions on ‘Combating Illicit Financial Flows and Assets Recovery’ in New York

    By Prudence Arobani

    The UN General Assembly has adopted by consensus one other Nigeria-sponsored decision to advertise worldwide cooperation to fight illicit monetary flows to be able to foster sustainable improvement.

    The News Agency of Nigeria (NAN) studies that the decision, strongly supported by the Group of 77 plus China, was adopted with no vote by all of the 193 members of the UN General Assembly.

    The decision constructed on an earlier one sponsored by Nigeria and equally adopted by consensus on the 71st Session of the UN General Assembly on Dec. 21, 2016.

    It “welcomed the ongoing efforts of Member States to enhance knowledge and broaden understanding of the challenges and opportunities involved with international cooperation to combat illicit financial flows and strengthen good practices on assets return to foster sustainable development”.

    This consists of “the initiative of Nigeria and Norway to this effect as well as the initiative of Ethiopia and Switzerland on good practices on assets return, and calls upon Member States to continue such efforts”.

    NAN studies that on the adoption of the decision, the Nigerian delegation was led by Mr Bolaji Akinremi, Minister/Spokesperson for the Permanent Mission of Nigeria to the UN.

    Akinremi, who regretted the influence of illicit monetary flows on Nigeria and the African nations, challenged the worldwide group to repatriate all illicit monetary flows from Africa.

    He stated because the introduction of the decision on the 71st General Assembly, the delegations of Nigeria and Norway had made efforts to bridge the information hole inside the UN on the difficulty of illicit monetary flows.

    He careworn that the worldwide group ought to not flip blind eye to this truth which had been properly articulated and adopted in a number of studies.

    “Nevertheless, the simply adopted decision has enough substances to spice up worldwide cooperation in stopping and combating illicit monetary flows, both these attributable to tax evasion, corruption, cash laundering or transnational organised crimes.

    “In addition, it will strengthen the recovery and return of illicitly acquired assets, with the hope to hasten the realisation of our ambitious 2030 Agenda on sustainable development,” he stated.

    Akinremi regretted the destabilising results of illicit monetary flows on the event of societies, particularly creating nations and the sluggish tempo of the restoration and return of stolen property.

    He warned that proceeds of corruption, tax evasion, transnational bribery and different types of illicit flows to requesting states, would proceed to be “a wound on the conscience of the global community”.

    He known as for establishing of an intergovernmental physique to correctly coordinate the varied disjointed mandates in numerous our bodies, on the totally different dimensions of illicit monetary flows, and develop applicable devices for his or her restoration and return.

    According to him, most creating nations are craving for this type of physique that will carry aid to the frustration they at the moment face in combating illicit monetary flows.

    “It is in recognition of this truth and the necessity for all fingers to be on the deck, that President Muhammadu Buhari has accepted the clarion name to champion the annual theme of the African Union for 2018.

    “Therefore, this decision would function a veritable platform for collaboration in any respect ranges, in the direction of reaching this onerous process.

    “In conclusion, we wish to reiterate Nigeria’s readiness to contribute its quota, where necessary, towards holding the High-Level Conference on illicit financial flows and assets recovery, to be convened by the President of the 73rd General Assembly”.

    To give the required tooth to this decision and in preparation for the High Level Conference, Akinremi enjoined member states to exhibit mandatory political will to handle the seemingly intractable situation of illicit monetary flows.

    According to him, this may be achieved by sharing info, offering technical help and capacity-building to creating nations, to make sure that nobody is left behind.

    “The broader image which all of us have to see right here is the optimistic influence of combating illicit funds and returning stolen property for a greater and extra fruitful livelihoods.

    “This is against focusing on the difficult conditionalities which may hinder the progress of developing countries in the long run,” Akinremi stated.

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