The Attorney General of the Federation and Minister of Justice, Abubakar Malami (SAN) has revealed that the Nigerian government is collaborating with various jurisdictions in its efforts to recover stolen assets stashed abroad.

This was made  known by the AGF  at the Ninth session of the Conference of States Parties to the United Nations Convention Against Corruption (UNCAC) holding in Sharm El Sheik, Egypt, according to the News Agency of Nigeria.

Mr Malami said that Nigeria notes with great concern the incidence of illicit financial flows which go through the financial systems annually, particularly from developing to developed economies. He said the illicit flows majorly are proceeds from tax evasion and other crimes that undermine local currencies and constitute a threat to the economy.

Mr Malami said the Nigerian delegation is calling for an identification of the most effective means of removing legal barriers to asset recovery, especially in the Requested States because the procedure to obtain mutual legal assistance (MLA) to identify, trace, seize, confiscate and repatriate proceeds of corruption is often complex and problematic.

He said the draft resolution was meant to further highlight the importance of beneficial ownership transparency. He said in an effort to combat corruption in Nigeria, new laws and acts were enacted

Nigeria have  called for the implementation report of the High-Level Panel on International Financial Accountability, Transparency, and Integrity for Achieving the 2030 Agenda (FACTI Panel) launched in February 2021 and its recommendations dealing with illicit financial flows and beneficial ownership transparency,” he added.