Money Laundering: Africa loses $50billion yearly

Money Laundering: Africa loses $50billion yearly

Economic and Financial Crimes Commission (EFCC) on Thursday said African countries lose $50billion to money laundering annually.

The anti-graft agency added that a large chunk of the outflow was made up of illegally acquired assets spread all over the world.

Zonal Head, EFCC Ilorin Isyaku Sharu, stated these to reporters in Ilorin during a road walk show to commemorate the 3rd African Anti-Corruption Day.

EFCC’s road show was organised in collaboration with New Partnership for Africa Development Agency (NEPAD) with Nigeria Union of Journalists (NUJ), National Union of Road Transport Workers (NURTW) and Road Transport Employers Association of Nigeria (RTEAN) in attendance.

He noted that African nations had suffered humongous capital flight.

He bemoaned the degree of corrupt practices in the country but promised that the agency would not rest on its oars.

“This is a gathering of Africa against corruption and looted funds. We have, for long, suffered huge and humongous capital flight from Africa to the western world. It is our responsibility to come as Africans to fight the common cause with a view to making sure that the assets meant for Africa repatriated to Africa,” he added.

Sharu explained that assets recovery was a long process that requires the invocation of relevant instrument of international cooperation including extradition, mutual legal assistance treaty and freezing among others.

He stated that it was disheartening the recovered funds were still being re-looted despite the mileage recorded in recovering them.

The EFCC chief stressed the need to strengthen global cooperation among anti-graft agencies in Africa to develop framework on assets recovery and return.

He noted one of the cardinal objectives of President Muhammadu Buhari was anti-corruption crusade of which his commission has been in the forefront.

Sharu maintained that the crusade against graft in the country had translated into significant recovery of looted assets that were acquired through mismanagement of public funds.

He urged stakeholders to join hands with the commission to ensure recovery of common patrimony carted away.

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