Acting President Yemi Osinbajo, today called for the sanction of banks and other financial
institutions that help in financial crimes both locally and internationally. Osinbajo made the call when he spoke at the Conference on Promoting International Co-operation in Combating Illicit Financial Flows and Enhancing Asset Recovery to
Foster Sustainable Development in Abuja. Osinbajo in his speech, said many countries have signed treaties for combating drugs and human trafficking related crimes but have failed to deploy such measures towards the fight against financial crimes. Speaking at the event, Osinbajo said:

“Many countries have signed treaties that
proceeds from drugs, illegal traffic in
persons proceeds of money. Somehow
proceeds from political corruption has not
attracted the same outrage that proceeds
from narcotics and trafficking in persons have attracted. It took years for some
people to agree that when somebody loot
money where people make decent living
that is more criminal than crime against
humanity, more dangerous than trafficking
in drugs. It is a good thing that we are here with our partners who agree that not only
are these stolen assets criminalize but that
they are returned to their appropriate
owners. There is no way this the transfer of
this assets can happen without a
handshake between the countries that they are transferred and the international
banking institutions in the countries in
which they are transferred, there is no way
it will happen without some form of
connivance. We have to look at somehow
delegitimizing those kinds of Financial institutions and criminalizing them, so that
banks and financial institutions that actually
engage in this are be called out and made
to face the consequences of engaging in
criminal practices. If that isn’t done we are
not likely to go very far. For there to be collaborations, there must first be
connivance in the agreement and
conventions we will be signing. We must
find a way to ensure that financial
institutions are not given a free run and
must also hold them accountable”.

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