EFCC boss seeks global anti-graft agencies collaboration over recovery of illicit asset
EFCC boss seeks global anti-graft agencies collaboration over recovery of illicit asset
Abdullateef Fowewe
The Chairman of the Economic and Financial Crimes Commission, EFCC, Ola Olukoyede has called for deep collaboration among law enforcement agencies across the world to trace, recover and reintegrate illicit assets into the rightful financial systems.
Olukayode in circular Dailyeconomy obtained from the EFCC’s website on Saturday made the call while leading discussions at Session 16 in the ongoing International Symposium on Economic Crime at the University of Cambridge, United Kingdom.
He pointed out that navigating the challenges in recovering illicit assets and blocking Illicit Financial Flows is indeed a multifaceted endeavour that demands collaboration and shared responsibility.
He according to the circular threw a responsibility at destination countries where stolen funds and assets are being warehoused, stressing that no recovery of illicit assets can succeed without their readiness to expose and block all avenues for the illicit flow of funds.
He was quoted saying, “In our pursuit of asset recovery, we advocate for a more concerted effort by destination countries to prevent the entry of illicit funds.
“There is a need for due diligence processes, improved regulatory frameworks and closer cooperation among origin and destination countries.”
Olukoyede further explained that legal and moral obligations are imperative to build a financial system that is resistant to the infiltration of illicit funds.
He sued for effective mutual legal assistance, information sharing and joint initiatives to address the root causes of illicit financial flows.
He intimated the audience with what Nigeria has been doing in its asset recovery efforts especially the integration of key principles of the Common African Position on Asset Recovery, CAPAR, into it.
“These principles include promotion of transparency and accountability in financial institutions, alignment of legal and taxation systems with international standards, advocacy for simplified legal procedures in destination countries, and holding facilitators of illicit financial flows accountable,” he added.
