EFCC Boss Advocates Timely Return Of Stolen Assets

The Economic and Financial Crimes Commission (EFCC) has advocated for the timely return of illicit assets to home countries.

While representing Nigeria at the United Nations General Assembly Special Session on corruption in New York (UNGASS), the Chairman of EFCC, Abdulrasheed Bawa, called for urgent measures to discourage illicit financial flows (IFF).

Bawa also advocated simplifying the evidentiary requirements and other mutual legal assistance procedures, with a view to enhancing international cooperation, and facilitating timely recovery and return of stolen assets.

He said, “Measures must be introduced to mitigate the continuous flow of illicit funds from least developed to developed countries.

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“State parties must continue to commit to the timely return of illicit assets and ensure implementation of effective anti-money laundering measures by International Financial Centres.”

The UN Special Session is focused on examining measures to prevent and combat corruption, as well as strengthen international cooperation, including the adoption of a set of action-oriented political declaration on corruption.

While acknowledging the very beneficial use of settlements or non-trial resolutions to ensure the disgorgement of illicit gains from corrupt acts, the EFCC’s boss urged Jurisdictions negotiating settlements to, inform affected jurisdictions that a negotiation toward a settlement is taking place, and proactively share information on concluded settlements.