Looted Funds: Osinbajo Blames Difficult Recovery On Int’l Financial System
Nigeria’s Vice President, Professor Yemi Osinbajo, has blamed the difficulty in retrieving funds looted from the country on the international financial system.
Professor Osinbajo was speaking on Thursday at the Organisation for Economic Cooperation and Development (OECD) forum in Paris, France.
In a statement, the Vice President pointed out that illicit financial flows must be regarded as corrupt activity.
He acknowledged that the tracing, freezing and return of stolen assets have proved exceptionally difficult for most African countries.
“Countries hosting global financial centres, and other usually targeted destinations of illicit flows must be held more accountable to enforce mechanisms which ensure transparency of ownership, control, beneficial ownership, trusts and other legal contrivances that may be used to camouflage financial or other assets,” Professor Osinbajo said.
He insisted that member-countries must work collaboratively to ensure transparency in financial transfers, and outlaw secrecy jurisdictions, in addition to more rigorous enforcement of rules promoting transparency in the international banking and financial system.