Paris Peace Forum: Full text of President Buhari’s speech in France
President Muhamnadu
Buhari is currently in Paris, France for the first edition of the Paris Peace
Forum.
The Nigerian leader
spoke yesterday on “Illicit financial flows (IFFs) and corruption: the
challenge of global governance.”
Here is the full text
of the President’s speech:
1. I am delighted to be
part of the inaugural edition of the Paris Peace Forum and would like to
commend the Government of France for this laudable initiative.
2. We also thank France
for inviting Nigeria to participate in the forum on the sidelines of the
Centenary Celebration of the Armistice. It is important to recall that although
Nigeria was not independent at the time, the fact remains that it had participated
in the war efforts.
3. Nigeria
contributed a company of riflemen and support services to the war under the
Royal West African Frontier Forces.
4. I should like on
this Remembrance Day, to pay tribute to the sacrifice and bravery of all those
who had fallen in battle and the pain and suffering of those they left behind.
5. More than half a
million Africans fought in the trenches of the First World War for France
alone. There was bitter fighting also in east and southern Africa and around
Cameroon and Nigeria. We shall not forget.
6. I believe this
Forum would provide the needed opportunity for knowledgeable exchange and
sharing of best practices on the challenges militating against the much needed
good governance in many countries of the world. It is on this premise that my
presentation will dwell on “Illicit Financial Flows And Corruption: The
Challenge of Global Governance”.
Distinguished
Participants,
7. The cancerous
effects of Illicit Financial Flows and corruption on the socio-economic
development of countries are glaringly evident. The negative impact and
ramifications of Illicit Financial Flows are many-sided.
The list which is
long and ever-growing, includes:
a. Draining of
foreign exchange reserves;
b. Reduction of
tax/revenue collection;
c. Poor investment
inflows due to near absence of credibility, transparency and policy stability.
8. Illicit financial
flows escalate poverty by denying the citizens the benefit of the resources
meant for development.
9. This is a crime of
opportunity which thrives most in permissive environments. Such outflows
further undermine the rule of law, stifle trade and worsen macro-economic
conditions.
10. These reprehensible
acts are being perpetrated by several international tax havens and secret
jurisdictions, which facilitate the operation of:
a. Disguised
corporations;
b. Anonymous trust
accounts;
c. Fake charitable
foundations;
d. Money laundering
and transfer pricing mechanisms.
11. Indeed, Illicit
Financial Flows have exacerbated poverty and inequality in many societies of
the world. Thus, concerted and multi-jurisdictional efforts must be deployed to
frontally tackle the menace.
12. Combating
corruption has been a defining feature of our Government. Upon assuming office
on 29th May, 2015, we made fighting corruption one of the three pillars of our
Administration’s priority programmes, given the fact that corruption was
threatening the very foundation of our national life, socio-economic
development, security and even the consolidation of our democracy.
13. We continue to
demonstrate zero tolerance for corrupt practices and non-conformity conduct in
public life, by confronting corruption head-on. This is predicated on the fact
that we remain steadfast in our commitment of ensuring integrity and ethical conduct
in the task of governance. We are mindful of the primacy of leadership by
example in this regard.
14. Our efforts at
fighting corruption are firmly within the limits of the rule of law, in spite
of the interest-forcing strategies of those who chose to discountenance the
fundamental value of compliance with the laws of the land.
15. With the progress
we have made, we feel the need to ensure that we put enduring institutional
frameworks in place for action and measures that will consolidate our achievements
in the fight against Illicit Financial Flows and corruption.
16. In the
circumstances, strengthening the institutional capacity of anti-corruption
bodies has been accorded due attention. For us, therefore, effective
institutions and political will are strong counter-measures against corruption
and Illicit Financial Flows.
17. In addition, we
introduced the Whistle-Blowing policy, whereby information on the violation of
financial regulations, mismanagement of public funds and assets, financial
malpractices or fraud as well as theft can be reported to authorities.
18. This policy is
geared towards ensuring public accountability and transparency, and it has
yielded dividends, as we have recovered billions of Naira from corrupt persons
and companies.
19. We have also
redirected recovered funds to the development of critical infrastructure and
programmes that will benefit our people. Funds and assets recovered through our
actions, will be deployed in delivering the Sustainable Development Goals
(SDGs).
20. At the
continental level, the African Union also launched the war against corruption
and bestowed on me the honour to champion the cause. In this connection, our
priorities for international cooperation as a continent will focus on the
following:
a. Strengthening
international cooperation on asset tracing, recovery and repatriation;
b. Enhancing
cooperation between the African Union and the United Nations’ anti-corruption
monitoring mechanisms through stronger engagement; and
c. Widening the
understanding and relevance of anti-corruption efforts towards the realization
of Agenda 2063 and the Sustainable Development Goals.
21. Appropriate
legislation and policies which promote transparent financial transactions
should be encouraged.
22. In addition,
regulatory institutions and agencies should be strengthened to fight
corruption. Nigeria has a good example in this regard with the Tax Appeal
Tribunal inaugurated recently. The Tribunal arbitrates between tax payers and
government in order to ensure equity and fairness in tax administration.
23. In accordance
with relevant international statutes, asset return is unconditional. It is a
commitment which members of the international community must abide by.
24. Nigeria,
therefore, reiterates its commitment to all existing international legal
frameworks to enforce anti-corruption measures, including the recovery and
return of stolen assets.
Distinguished
Participants,
25. While
acknowledging the tremendous progress that has been achieved through the
enactment of global instruments, some fundamental technical issues remain
unresolved.
26. These revolve
around the formulation of policy and regulatory frameworks that cut across
different jurisdictions. We must not lose sight of the role played by secret
companies, banks and law firms, all too often based in developed economies and
their related offshore centres.
27. Recent studies
reveal that flaws in the global financial system enable corrupt individuals to
hide details of their financial dealings under the noses of governments and law
enforcement agencies. This underscores the need to urgently address the issue
of Mutual Legal Assistance, as well as continental legal frameworks, in the
context of safe havens for illicit transfers.
Distinguished
Participants,
28. Our experience in
Nigeria is that financial crimes, such as corruption and fraudulent activities,
generate enormous unlawful profits which often prove so lucrative that the
threat of a jail term is not sufficient to deter perpetrators.
29. A more powerful
deterrent is to ensure that profits and assets generated from illicit financial
flows and corruption are recovered and returned to countries of origin.
30. This is not to
under-estimate the value of strong institutions. It only indicates that asset
recovery represents significant deterrence compared to the traditional focus on
obtaining conviction by the law enforcement agencies of the countries of
origin.
Distinguished
Participants,
31. As we take stock
of the strengths and weaknesses of domestic, regional and international
mechanisms against Illicit Financial Flows, I seize this opportunity to recall
the Global Declaration Against Corruption made in London in 2016 and our
commitment thereto.
32. Among other
things, the Declaration encapsulates our collective commitment to the
principles of Open Government Partnership, especially the National Action Plans
to actualize beneficial ownership transparency, enhance the capacity of
Financial Intelligence Units (FIUs), reinforce Independent Reporting Mechanisms
and support the activities of the Global Forum on Transparency and Exchange of
Information for Tax Purposes. We should remain resolute in our commitment to the
aforementioned goals.
33. Similarly, we
must crack down on safe havens for corrupt assets. I also advocate sanctions by
professional bodies against transactional middlemen (lawyers, bankers, brokers,
public officials, etc.) who facilitate Illicit Financial Flows.
34. I would like to
reiterate that the Government of Nigeria remains open and is ever willing to
continue to identify and share experiences and strategies to give life to the
ideas that will lead to winning the fight against corruption.
Esteemed Ladies and
Gentlemen,
35. Finally, let me
reiterate the importance of unity and collective action. It is only together
that we stand a better chance to win the fight against the menace of Illicit
Financial Flows and corruption.
I thank you for your
patience and attention.
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