Attorney General of the Federation and Minister of Justice, Abubakar Malami reveals on monday that Nigeria has lost over $400 billion to foreign havens, stolen and expatriated by corrupt leaders and their foreign accomplices including multinational companies.
According to him, the money lost to illicit financial flows was “stolen and expatriated to to offshore havens.”
According to a statement issued by Malami’s media aide, Dr. Umar Jibrilu Gwandu, the Federal Government noted with great concern the incidence of illicit financial flows which go through the financial systems annually, particularly from developing to developed economies.
He stated that the quantum of these illicit flows which are majorly proceeds of crime undermines local currencies, constitutes a threat to the economy, and enhances the risk of huge amounts of money flowing into channels such as organised crimes and terrorism.
“Proceeds of corruption and illicit financial flows constitute a huge chunk of resources needed for sustainable development but are regularly diverted from victim states”
The minister also revealed that the Nigerian government had taken drastic measures to address the problem in order to ensure that Nigerian financial institutions and banks are not used as conduits for these illicit transactions.
he counselled.
Speaking further the AGF explained that, Nigeria, since returning to democratic rule in 1999, had recorded significant progress in the fight against corruption.
Malami added that that the Federal Government was actively implementing the Justice Sector Reform Strategy covering issues such as International Cooperation Mechanisms, Mutual Legal Assistance and reform of the Criminal Justice System
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