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Why it’s difficult to fight against corruption - Osinbajo

Why it’s difficult to fight against corruption - Osinbajo

- Yemi Osinbajo, the vice president, disclosed why fight against corruption in Nigeria is difficult

- Osinbajo said the developed countries give protection to corrupt politicians in the country

- He complained that there is no expected progress despite numerous mutual legal assistance treaties

Yemi Osinbajo, the vice president, on Sunday, November 19, accused United States of America (USA), Germany, France and several other developed countries of giving support to corruption in Nigeria.

Osinbajo said besides hiding under their laws of corporate secrecy, stolen funds are converted into properties, trusts, humongous bank accounts and other arrangements designed to cover ownership of assets, or treated in anonymity.

The Nation reports that Osinbajo made this known at the opening ceremony of the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) 18th ministerial committee meeting, held in Abuja.

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''Permit me to raise a matter of considerable importance to many of our nations; it is the difficulty we experience in repatriating proceeds of corruption from financial institutions of the more developed nations.

''Despite numerous mutual legal assistance treaties and conventions, it is obvious that we are not making the sort of progress we expect to see.

''It is unconscionable, in our view, to have stolen funds in a bank within the jurisdiction of an FATF country and to have to go through a rigorous obstacle course to retrieve the fund, and even when such funds are to be returned after several years, humiliating conditions are attached.

''The other issue is the risk of the dangers posed by anonymous corporate ownership. If nothing else, the Panama Papers and now the Paradise Papers clearly illustrate the global scale and spread of this problem. So this is a global challenge and nothing less than a truly global approach will be needed to tackle it.''

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He, however, commended the United Kingdom, Norway, Netherlands and Denmark for leading the way in establishing public registers of the real, human owners of companies in their countries and encouraged other G8 and G20 countries not only to follow suit but also to initiate actions to end corporate secrecy in some of their dependencies.

According to him, ''We cannot have anonymous ownership of companies, trusts and other arrangements designed to cover ownership of assets, and at the same time expect optimal results from anti-money laundering measures.’’

Meanwhile, had reported that Osinbajo spoke about the character of President Buhari in Abuja on Thursday, November 17 during a book launch.

The book reviews the President Buhari's administration’s achievements during the last two years.

Does the recent sack of Babachir Lawal confirm Buhari's fight against corruption? - on TV:

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