Victor Ezeja
PRESIDENT Muhammadu Buhari has urged the international community to demonstrate strong commitment towards curbing the incidence of illegal movement of fund and smuggling of weapons across borders, noting the negative consequences of such on the economic welfare and national security of nations.
Buhari made the call on Friday while addressing world leaders at the 76th session of the United Nations General Assembly in New York, United States.
Join our WhatsApp ChannelThe President explained that waging war against the menace of illicit financial flow and ensuring the recovery of illicitly diverted funds and assets would help in no small measure to provide resources at least in the interim in financing needs in this period of COVID-19 pandemic.
He said, “Combating illicit financial flows and ensuring the recovery and return of illicitly acquired assets have the potential to provide resources in the immediate term for financing development in this era of the COVID-19 pandemic and beyond.
“Similarly, corruption across national borders has huge negative impact on the stability, peace, and economic prospects of millions, particularly in developing countries.
“It deprives national Governments of resources needed to provide adequate and meaningful sources of livelihood for their citizens. The latter gives rise to more irregular migration patterns, with unwholesome consequences for inter-state and human relations.”
According to United Nations Conference on Trade and Development (UNCTAD) publication, Africa looses substantial resources through illicit financial flows in various forms such as “illegal activities, tax avoidance, abusive profit-shifting, trade mis-invoicing, corruption and others.”
It pointed out that illicit financial flows “divert resources from social development and raise serious problems for financing development in Africa.”
These challenges have been recognized in the 2030 Agenda for Sustainable Development Goals (SDGs). Hence the global quest to redouble efforts in reducing it by 2030.
Buhari urged leaders of countries to demonstrate honest political will in adopting reforms for financial integrity and accountability by systematically halting illicit financial flows in order to ensure sustainable development of countries.
“I, therefore, call on all leaders to demonstrate the much-needed political will by supporting the recommendations for systemic reforms made by the FACTI (Financial Accountability, Transparency and Integrity) Panel.
“We support establishing modalities for a global coordination mechanism at the United Nations Economic and Social Council to systematically monitor illicit financial flows and strengthen financial integrity for sustainable development, with the participation of all relevant stakeholders,” Buhari stated.
On the issue of illicit flow of arms, the President lamented that Nigeria was concerned about illicit trading of such, remarking that it has been responsible for the increase in insurgency and other violent criminal activities in the country.
“Nigeria remains deeply concerned over the illicit trade, transfer, and circulation of small arms and light weapons. Their excessive accumulation and uncontrolled spread in many regions of the world are having devastating humanitarian and socio-economic consequences, especially on the continent of Africa.
“It is on this note that my delegation calls for the world wide application of the Arms Trade Treaty to codify accountability in conventional arms trade, which is critical to the security of nations. This is in recognition of the need for a broad-based global partnership in the on-going battle against trans-border crimes, including terrorism and piracy.
“We must deal not only with the symptoms of conflict but also the immediate causes that fuel conflicts in the first place. These include poor and undemocratic governance, human rights abuses, poverty, ignorance, injustice and inequalities.”
He added that, “There are no easy solutions to these conditions. They require long term investments and more effective international cooperation.”
He advocated the promotion of “peaceful, unfettered, and inclusive participation of states in global actions towards conflict prevention.”
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
