Nigeria’s Independent Corrupt Practices and other Related offences Commission, ICPC has held a capacity building training for Tax Inspectors to curb illicit financial flows in the country.
The ICPC Chairman, Professor Bolaji Owasanoye during the training held in Abuja on Monday, April 11, 2022, urged the inspectors to improve in tracking illicit financial flows.
According to him, illicit financial flows remain a major roadblock to aggregating the full potential for domestic resource mobilization.
He noted that, many countries depend on borrowing and donors, where large percentages of money and resources are diverted thereby creating negative consequences.
“Many countries including Nigeria are sustaining their budgets by borrowing, sometimes we depend on development assistance in order to make our department plans and to realize them. However, the money that can grow our economy is within the economy itself.
“The problem is that the significant part of this resource is lost to illicit financial flows.”
He said that Nigeria has subscribed to agenda 2030, which calls for the reduction of illicit financial flows and strengthening the recovery of stolen assets.
“Giving the scale and the magnitude of how illicit and financial flows happen, We should not wait for outsiders to do what we ought to do from inside. We have to build our own capacity, teach ourselves how to resist these challenges, improve the task base of the economy and be less dependent on borrowing.
“The detrimental impact of IFFs on Financing for development is of major concern.”
Also, the Chairman Inter-Agency on stopping illicit financial flows from Nigeria, Dr Adeyemi DipeOlu, called for appropriate capacity in dealing with illicit financial flows.
“Criminality, money laundering, smuggling corruption and other activities contribute to illicit financial flows.”
He said fighting illicit financial flows is complex adding that; “There’s a governance problem, which we all know, the problem of undermining our institutions and the rule of law.”
He urged the participants to brace up in Tracking, getting and stopping illicit financial flows in Nigeria.
A physical and virtual panel was also held on secrecy of jurisdictions, the illicit financial flows in real estate and education.
PIAK
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