{"id":13963,"date":"2017-06-05T16:53:19","date_gmt":"2017-06-05T15:53:19","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=13963"},"modified":"2017-06-05T16:53:19","modified_gmt":"2017-06-05T15:53:19","slug":"osinbajo-urges-sanctions-for-financial-institutions-keeping-illicit-funds","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/osinbajo-urges-sanctions-for-financial-institutions-keeping-illicit-funds\/","title":{"rendered":"Osinbajo urges sanctions for financial institutions keeping illicit funds"},"content":{"rendered":"

The Acting President, Prof. Yemi Osinbajo, on Monday said banks and other financial institutions holding illicit funds should be made \u201cto face the consequences of engaging in criminal conduct.\u201c<\/p>\n

Osinbajo said this in an address at \u2018Conference on Promoting International Co-operation in Combating Illicit Financial Flows and Enhancing Asset Recovery to Foster Sustainable Development,\u2019 in Abuja.<\/p>\n

Osinbajo\u00a0said the transfer of illicit funds could not happen without a \u201chandshake\u2019\u2019 between the countries where the funds are transferred from and financial institutions and countries to which the assets are transferred.<\/p>\n

\u201cThere is no way it will happen without some form of connivance between international banking institutions and those who transfer these funds.<\/p>\n

\u201cSo, we must work at somehow delegitimising those kinds of transactions and criminalising them.<\/p>\n

\u201cIf that isn\u2019t done, we are not likely to get very far,\u2019\u2019 he said.<\/p>

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He urged the international community to be involved in a lot of bi-lateral agreements and conventions that would ensure that financial institutions were not given a free run.<\/p>\n

Earlier in his keynote address,\u00a0the Chairman, Anti-Corruption Conference Council, Mr. Akere Muna,\u00a0said transparency was key in tracking illicit funds.
\nA former Vice Chair of Transparency International, Muna said it was morally wrong for banks and financial institutions to keep stolen and frozen funds.<\/p>\n

He called for the creation of escrow accounts to warehouse stolen funds for easy access to the owner-countries.<\/p>\n

\u201cWe need to have a system where the money moves from the handler to a third party; this makes recovery easier,\u2019\u2019 Muna said.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

The Acting President, Prof. Yemi Osinbajo, on Monday said banks and other financial institutions holding illicit funds should be made \u201cto face the consequences of engaging in criminal conduct.\u201c Osinbajo said this in an address at \u2018Conference on Promoting International Co-operation in Combating Illicit Financial Flows and Enhancing Asset Recovery to Foster Sustainable Development,\u2019 in …<\/p>\n","protected":false},"author":11,"featured_media":13768,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[17],"tags":[883],"coauthors":[2392,2393],"class_list":["post-13963","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-news","tag-osinbajo"],"yoast_head":"\nOsinbajo urges sanctions for financial institutions keeping illicit funds - 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