Vice President Yemi Osinbajo has called for an urgent robust global framework on repatriation of stolen assets to ensure quick restitution to victim countries.
Osinbajo made the call in his remarks at the Organisation for Economic Cooperation and Development (OECD), anti-corruption forum in Paris, France, on Thursday, noting that such framework was long overdue.
He said there was every justification to regard corruption as a crime against humanity but expressed regrets that about the existence of weak institutions in developing nations to grapple with the phenomenom.
According to him, there is consensus that corruption and illicit financial flows out of Africa, delay the attainment of development goals and worsen practically all human development indices.
Osinbajo also noted that such acts also “trap the majority of African people especially the most vulnerable in a cycle of misery’’.
“We respectfully urge that this power be exercised more vigorously and without further delay,’’ he said.
Osinbajo also called for greater global collaboration to ensure transparency in financial transfers and outlaw of secrecy jurisdictions.
According to him, there must be more rigorous enforcement of rules promoting transparency in the international banking and financial systems, especially more stringent know-your-customer rules on customer identity, source of wealth and country of origin.
“Countries hosting global financial centres, and other usually targeted destinations of illicit flows must be held more accountable.
“This is to enforce mechanisms which ensure transparency of ownership, control, beneficial ownerships, trusts and other legal contrivances that may be used to camouflage financial or other assets.
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