The European Union (EU) and Transparency International (TI), in collaboration with the Civil Society Legislative Advocacy Centre (CISLAC) yesterday launched the anti-money laundering tracker for Nigeria in particular and West Africa in general.
The initiative which is aimed at tightening the noose on money laundering and illicit financial flows is part of the ‘Turning up the pressure: Tackling money laundering through multi stakeholder approaches in ECOWAS countries’ project.
Speaking at the launch in Abuja, the head of TI in Nigeria and executive director of CISLAC, Mr. Auwal Musa Rafsanjani said the tracker will highlight the fact that money laundering is a cancer that dries out the resources from a rich continent stricken by poverty and deprivation.
Rafsanjani, who was Mr. Adeshina Oke, stated that around $1 trillion of illicit financial flows leave developing countries through companies with hidden ownership, according to the Financial Transparency Coalition.
He said due to loopholes, most African assets, legally and illegally obtained, “end up in tax heavens, anonymous shell companies in exotic places or countries with sophisticated financial and banking systems”.
He lauded the administration of President Muhammadu Buhari for some progress made in tackling the illicit financial flows and money laundering in the areas of investigating, prosecuting and sanctioning money laundering, especially politically exposed persons.
“This is a cog in the wheel of our anti-money laundering regime. It also puts to question the effectiveness of our law enforcement institutions, efficiency of feedback mechanisms, inter-agency cooperation and the level of transparency of our financial institutions. I believe that this problem is not specific to Nigeria.
“I hope that the launch of the online tool, supported by the European Union through the Transparency International Secretariat in Berlin, designed to monitor in real time the level of implementation of AML recommendations and commitments by the West Africa governments will contribute to the remedy of the epidemic of African assets leaving Africa illegally,” he said.
Similarly, Jessica Ebrard of the Transparency International (TI), said money laundering and illicit financial flows, negatively impact many developing economies.
