Adeosun Brokers Deal for Nigeria on Illicit Flows

Nigeria's Finance Minister, Kemi Adeosun

Enterprise Television- Adeosun Brokers Deal for Nigeria on Illicit Flows

Nigeria’s Finance Minister, Mrs. Kemi Adeosun, at the weekend in New York, United States of America, secured a high-level deal for the country in efforts to fight against illicit financial transactions across borders.

The deal, which involved global bodies, including the Organisation for Economic Cooperation and Development (OECD) and the World Bank Group, would run on high-level collaborations with Nigeria and other African countries to stop Illicit Financial Flows (IFF).

Also speaking,the Head of OECD Global Forum on Exchange of Information, Ms. Monica Bhatia, stated that automatic information sharing had been adopted as part of proactive steps to curtail the menace from the continent to developed countries.

Meanwhile the fiance minister told the conference that IFF is a problem that urgently requires global focus and actions to ensure the realisation of significant development progress for Nigeria and other developing countries.

Calling for more responsibility on the part of the destination countries of illicit financial flows, she urged that beneficial ownership registers should be established to allow authorities track money in financial investigations involving suspect accounts/assets held by corporate vehicles.

Mrs. Adeosun called for the elimination of safe havens that provide incentives for transfer of stolen assets and illicit financial flows abroad, and also the development of a supportive, efficient and speedy process for returning assets to originating countries.