Buhari calls for more actions against illicit financial flows in Africa - Premium Times Nigeria

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Buhari calls for more actions against illicit financial flows in Africa

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President Muhammadu Buhari Thursday in Abuja 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.

“Corroborating this figure, a United Nations Report on ‘Illicit Financial Flows and the Problem of Net Resource Transfers from Africa: 1980-2009,’ observed that during the period 1980 to 2009 between $1.2 trillion and $1.4 trillion was taken out of Africa. This figure is half of the current Gross Domestic Products of all the countries of Africa,’’ he said.

“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. Several unfair commercial agreements and illegal resource extraction by multinational companies, in cahoots with their local collaborators, also create routes for illicit financial outflows.

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 Chairman, represented by the African Union Commissioner for Peace and Security, Amb. Smail Chergui, said the internet had been used as a valid platform for recruitment of people into criminal activities, noting that terrorists also use sophisticated technology like drones.

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