Wednesday, October 17, 2018
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Nigeria seeks global support on illicit assets

illicit assets

Nigeria foreign affairs minister Geoffrey Onyeama has called on the international community to demonstrate strong commitment to policy of returning of all illicit assets and money to their countries of origin.

Onyeama made the appeal at the High-Level Meeting on Financing the 2030 Agenda for Sustainable Development at the ongoing High-Level Segment of the 73rd UN General Assembly in New York, U.S.A.

On illicit financial flows, he urged the international community to complement the efforts of Member States, particularly developing countries.

He said that they should increase public awareness on the need to curtail the illicit flows and stressed the need to dismantle safe havens for proceeds of illicit assets.

In this regard, he called on all UN member states to consider the possibility of waiving or reducing the processes and costs of recovery of illicit assets.

He encouraged countries and relevant multilateral organisations to continue to provide technical assistance and capacity-building assistance to developing countries to improve their capacity to prevent, detect and combat illicit financial flows.

He noted that to a large extent the successful implementation of the 2030 Agenda for Sustainable Development and the African Union Agenda 2063 depends on strengthening of institutional and human capacities.

According to him, the success also depends on improving strategic linkages at various levels, and mobilising and financing of the value-chain of a well-structured economic transformation.

He requested the support of the international community, particularly in the areas of Official Development Assistance (ODA).

He expressed concern that the total amount of ODA from developed countries was still far below the target of 0.7 per cent of gross national income that was set by the UN.

He said that ODA was indispensable in the collective resolve to achieve the agenda for sustainable development bearing in mind that it is the main channel for international cooperation.

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