Author Legal framework needed to repatriate looted funds says Buhari  (Read 77 times)

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Offline Isaac Adeniran

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Legal framework needed to repatriate looted funds says Buhari

In his remarks, President Muhammadu Buhari said there was a need for countries to come up with a legal framework that would make it easy for the repatriation of stolen funds.

Buhari, who was represented by Vice-President Yemi Osinbajo, said the absence of legal basis for cooperation in some countries, differences in legal and procedural frameworks, language barriers, bank secrecy rules, jurisdictional issues, lack of funding were some of the obstacles standing in the way of effective mutual legal assistance.




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Offline Isaac Adeniran

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Re: Legal framework needed to repatriate looted funds says Buhari
« Reply #1 on: May 15, 2018, 03:41:53 AM »
He added, “While public sector corruption is the usual focus, the private sector complicity is significant especially with large multinationals engaged in tax evasion but it is the more complex web of public-private collusion and connivance that results in proceeds of corruption ending up in countries and their financial institutions and systems, dismantling the conspiracies that fasten the export of stolen assets is probably as important as the theme of this conference.

“It underscores the fact that fighting corruption is futile if we do not ensure that the proceeds of corruption find no safe haven and that such proceeds are fully recovered.”

Also speaking, the Secretary-General of the Commonwealth, Ms. Patricia Scotland, said English-speaking countries in Africa were beginning to wake up to their responsibilities as regards fighting corruption.

She commended the Buhari government for recovering $3bn.

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