We are not making good progress in looted funds repatriation – Osinbajo

Vice President Yemi Osinbajo on Saturday said Nigeria is being frustrated in its efforts to repatriate its stolen funds in developed countries.

Osinbajo said this in Abuja while declaring open the 18th Ministerial Committee Meeting of the Inter-Governmental Action Group Against Money Laundering in West Africa (also known as GIABA).

He said progress was not being made despite efforts made by the country to recover such loots.

Osinbajo added that despite the creation of GIABA to prevent money laundering in West Africa, the assets looted from Nigeria were being held by some member nations of the body.

He said, “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 a FATF country and to have to go through a rigorous obstacle course to retrieve the funds and even when such funds are to be returned after several years, humiliating conditions are attached.

“It is the view of Nigeria that FATF countries must, as a matter of respect for the spirit of our collaboration, and with the same efficiency and zero tolerance for quibbling, ensure the smooth repatriation of proceeds of corruption to the economies from where they were stolen.”

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