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Illegal financial flow gulps $50 billion from Africa, says minister

(Last Updated On: April 28, 2017)

 

Minister of Finance, Kemi Adeosun has revealed that illicit financial flow gulps $50 billion from Africa every year. She made the revelation at an international tax conference holding in Abuja, titled “Nigeria leads the fight against money laundering, bribery, corruption and tax evasion”.

Represented by Director, Technical Services, Larai Shuaibu, Adeosun urged participants to fashion out ways by which corruption can be routed out.

The event focuses on stakeholders, and their drive towards the use of beneficial ownership information and recovery of assets in Africa. It also focuses on detecting, tracking and preventing money laundering, tax evasion, corruption and other types of illicit financial flows.

In his remarks, acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, decried the level of corruption on the continent. He explained that most of the money find its way out of Africa through tax evasion, money laundering and illicit financial flows within the sub-region. The EFCC boss described the conference as ‘timely and key’ as it supports the efforts of President Muhammadu Buhari’s administration to recover assets.

“The government of Nigeria is taking the bull by the horn by initiating policies, that have enhanced the fight against corruption in Nigeria and tremendous efforts are being made to enhance international cooperation to recover our stolen assets”, he said.

Executive Chairman, Federal Inland Revenue Service, Tunde Fowler in his remark said the potential of Africa in terms of revenue generation in comparison to the US tax rates were much lower. “The only way to get Africa out of the present economic situation is to review the conditions and follow strict compliance”, he advised.

The event was jointly organised by the Nigerian Financial Intelligence Unit (NFIU), and the Federal Inland Revenue Service (FIRS), in collaboration with the United Nations Office on Drugs and Crime (UNODC) and the World Bank Group (WG).