Recovery of Illicit Assets: Olukoyede Seeks Collaboration of Global Anti-Graft Agencies

Bothered by the issues of illicit financial flows and assets, the Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ola Olukoyede has called for greater collaboration among law enforcement agencies across the world, not only to trace but also to recover and reintegrate illicit assets into the rightful financial systems.

He made the call on Friday, September 6, 2024 while leading discussions at Session 16 in the ongoing International Symposium on Economic Crime at the University of Cambridge, United Kingdom. He pointed out that navigating the challenges in recovering illicit assets and blocking Illicit Financial Flows IFFs is indeed a multifaceted endeavour that demands collaboration and shared responsibility.

He particularly threw a responsibility at destination countries where stolen funds and assets are being warehoused, stressing that no recovery of illicit assets can succeed without their readiness to expose and block all avenues for illicit flow of funds.

“In our pursuit of asset recovery, we advocate for a more concerted effort by destination countries to prevent the entry of illicit funds’, he said. In this context, he pointed at the need for due diligence processes, improved regulatory frameworks and closer cooperation among origin and destination countries.

Olukoyede, who spoke through the Special Assistant to the President on Prosecution of Economic Crimes, Mr. Rotimi Oyedepo, SAN, explained further that legal and moral obligations are imperative to build a financial system that is resistant to the infiltration of illicit funds.

To achieve this, he sued for effective mutual legal assistance, information sharing and joint initiatives to address the root causes of illicit financial flows.

He intimated the audience with what Nigeria has been doing in its asset recovery efforts especially the integration of key principles of the Common African Position on Asset Recovery, CAPAR, into it.

“These principles include promotion of transparency and accountability in financial institutions, alignment of legal and taxation systems with international standards, advocacy for simplified legal procedures in destination countries, and holding facilitators of illicit financial flows accountable”, he said.

In another presentation by Oyedepo on the efforts of Nigerian government in the areas of asset forfeiture, he clearly stated that no stone is being left unturned in the country to recover illicit assets.

“Legal frameworks being used in Nigeria are yielding robust benefits”, he said. He spoke about Non Conviction-based Asset Recovery and Conviction-based Asset Recovery and submitted that considerable successes have been achieved through the two modalities. “We need the collaboration of every nation to offer us assistance and responses whenever we seek such, especially in our efforts to recover illicit assets stashed overseas”, he said.

The 41st International Symposium on Economic Crime holding in Cambridge will come to an end on Sunday, September 8, 2024.