President Muhammadu Buhari has lamented the unlimited damage which illicit financial outflows have caused to the economy of the African countries.
He said: “estimates suggest that African countries lose over 60 billion US dollars annually due to illicit financial outflows, a staggering amount for a continent in dire need of development finance.”
President Buhari, in a key note address at the opening session of the 16th Conference of the Committee of Intelligence and Security Services of Africa (CISSA) in Abuja, today, July 18, said that a United Nations Report on “Illicit Financial Flows and the Problem of Net Resource Transfers from Africa: 1980-2009,” had corroborating the figure, by observed that during the period 1980 to 2009 between $1.2 trillion and $1.4 trillion was taken out of Africa.
“This figure is half of the current Gross Domestic Products of all the countries of Africa.”
The Nigerian leader regretted that criminals and their collaborators are cheating the system through various practices, which include trade mis-pricing, trade mis-invoicing, tax abuse and evasion, as well as money laundering.
“Several unfair commercial agreements and illegal resource extraction by multinational companies, in cahoots with their local collaborators, also create routes for illicit financial outflows.
He reminded the participants that terrorist networks, organized criminal syndicates of drugs, arms and human traffickers and sundry hostile non-state actors are actively undermining the security and stability of our countries.
Buhari noted that such criminal groups not only fund their operations from the proceeds of crime, but are implicated in much of the illicit financial outflows from Africa.
“Firm and unwavering action is required to bring this threat under control. Any evasion of rules and regulations in ways that aid corruption in its various manifestations, including illicit financial outflows, must be vigorously fought and defeated.”
President Buhari said that his role as African Union’s Anti-Corruption Champion had brought him closer to appreciating more the devastating impact of corruption and illicit financial outflows on the African continent.
“I am, therefore, pleased that this conference will boost the sense of urgency that we collectively have about this devastation and raise our response capacity at operational levels.
“In Nigeria, we have risen to the challenge. The fight against corruption remains at the core of our efforts to accelerate national development. We have recorded successes even though the perpetrators are not giving up and are trying to fight back.
”I would like to remind you that while the task you have set for yourselves at this Conference is laudable and essential to the future prosperity and stability of Africa, it is not an easy one. Success will require robust efforts and resolute commitment by individual services in order to lay the solid base for the collaborative efforts that are required to address this daunting challenge.”
Buhari advised the participants to develop a template of risk factors and actionable strategies to stem the flow of illicit funds from our continent; give priority to examining the links between crime and instability on our continent and propose measures to ensure that terrorists and criminals are denied access to our financial systems.
He also charged the committee, to remain steadfast as a model platform of cooperation, in words and deeds.
