ABUJA—PRESIDENT Muhammadu Buhari yesterday said the sanctions of jail terms for illicit financial flow was no longer sufficient to fight the menace. President Buhari who stated this while delivering a speech on “Illicit Financial Flows (IFFs) and Corruption: The Challenge of Global Governance” at the Peace Forum, in Paris, France, said stringent actions should be taken against perpetrators of illicit financial flows.
He also said that such stringent action should include crackdown on safe heavens and return of stolen assets to countries of origin. The Forum attended by over 70 world leaders was organised by the French Government and a number of Non-Governmental Organisations (NGOs). The Nigeria leader opined that it was based on the simple idea that international cooperation was key to tackling global challenges and ensuring durable peace.
Buhari warned that continuous impunity would encourage more pilfering of countries’ resources to the detriment of poor and vulnerable populace. Nigeria, he said, had strengthened its laws and institutions to fight corruption, fast-track recovery of stolen assets and punish offenders. He called for more commitment from governments and international organizations.