11 Dis­man­tle safe havens for il­licit as­sets, Nige­ria urges UN mem­ber states

Weekly Trust - - New - Satur­day, Septem­ber 29, 2018 Ab­dul­la­teef Salau

Nige­ria has called on all United Na­tions Mem­ber States to dis­man­tle safe havens for pro­ceeds of il­licit as­sets. The For­eign Min­is­ter of For­eign Af­fairs, Ge­of­frey Onyeama urged them to demon­strate strong com­mit­ment to­wards the re­turn of all il­licit as­sets and fi­nances to their coun­tries of ori­gin by con­sid­er­ing the pos­si­bil­ity of waiv­ing or re­duc­ing the pro­cesses and costs of re­cov­ery.

He made the call at the High-Level Meet­ing on Fi­nanc­ing the 2030 Agenda for Sus­tain­able De­vel­op­ment, which was held on the mar­gins of the on­go­ing 73rd Ses­sion of the UN Gen­eral Assem­bly in New York, ac­cord­ing to a state­ment by the min­istry’s spokesper­son, Tope EliasFatile.

The min­is­ter urged the in­ter­na­tional com­mu­nity to com­pli­ment the ef­forts of Mem­ber States, par­tic­u­larly de­vel­op­ing coun­tries, by in­creas­ing pub­lic aware­ness on the need to cur­tail the il­licit fi­nan­cial flows.

Onyeama en­cour­aged coun­tries and rel­e­vant mul­ti­lat­eral or­ga­ni­za­tions 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 also called on the in­ter­na­tional com­mu­nity to part­ner with Nige­ria to end poverty, fight in­equal­i­ties and tackle cli­mate change in the coun­try, not­ing that the im­ple­men­ta­tion of the SDGs agenda re­quires a re­vi­tal­ized global part­ner­ship that thrives on a win-win prin­ci­ple.

How­ever, he ex­pressed con­cern that the world econ­omy re­mains vul­ner­a­ble to fi­nan­cial and eco­nomic volatil­ity and that this oc­cur­rence af­fects progress in pol­icy agenda across all the ac­tion ar­eas of the Ad­dis Ababa Ac­tion Agenda and the 2030 Agenda for Sus­tain­able De­vel­op­ment.

“Con­se­quently, it is nec­es­sary to ad­dress medium-term risks, in­clud­ing the po­ten­tial ef­fects of ris­ing global in­ter­est rates as it leads to a rev­er­sal of cap­i­tal flows and in­creased debt distress, to the dis­ad­van­tage of de­vel­op­ing coun­tries,” he said.

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