We’re winning war against illicit financial outflow, says AGF

The Attorney General of the Federation (AGF) and Minister of Justice, Abubakar Malami (SAN) has  said that President Muhammadu Buhari’s administration has gone a long way in curbing corruption in the country.

Speaking at a two-day High Level Panel (HLP) on Illicit Financial Flows, chaired by former South Africa President, Thabo Mbeki, in Abuja, Malami said through legislation and commitment of the present administration, corruption is being fought to a standstill.

He said the political will of the president has also helped in stopping the illicit flow of funds from the country.

Malami said: “Various policies adopted by this government has helped in no small measure to stem the tide of financial outflow from the country”.

“Policies like Treasury Single Account (TSA), Biometrics Verification Number (BVN), whistle blowing, are all geared towards ensuring that corruption is reduced to the barest minimum,” he explained.

He stressed that there was need for African countries to collaborate with other nations of the world to block those who have stolen from the African countries from enjoying the loot, adding that, there is need for African countries to collaborate with the international community to fight illicit financial outflow from Africa cannot be overemphasised.

The AGF advocated for visa restriction, tracing and repatriation of stolen funds wherever they are found  as a way to  help curb corruption in the continent, adding that, “we have gone a long way in stopping financial flow through quality decisions. Above all, there is need for collaboration with international community in the fight against illicit financial outflow.”

“Nigeria has built institutions through quality legislation to curb this. We have created the EFCC, ICPC, Code of Conduct Bureau, Code of Conduct Tribunal, Financial Intelligence Unit, among others, to stem the tide of illicit financial flow. There is also Proceeds of Crime Act, Terrorism Act, they are targeted at financial crimes and in support of these other institutions.

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“Biometrics Verification Number (BVN) is also a policy introduced by this government to trace ownership of bank accounts of illicit funds. TSA was also introduced to identify movement of funds”, the AGF added.

By way of this administration’s desire to block the flow of illicit funds, “this government has  encouraged the policy of whistle blowing.

“This was why other colleagues of the president asked him to lead the anti corruption war in Africa,” he said.

In his opening remarks, Chairman of the summit, Mbeki, said African countries must act to retain about $80bn annually lost to illicit financial flows out of the continent.

Mbeki said the money, when retained  in the continent, could be used to tackle some of the infrastructural challenges faced by countries in the continent.

He said African countries have to act practically with other nations of the world to stop the out flow and free the fund for use in developing the continent.