Tax incentives, evasion challenge to anti-graft war – CISLAC

The Programme Manager, Democratic Governance, Civil Society Legislative Advocacy Centre (CISLAC), Mr.
Okeke Anya, has said tax incentives, evasion and increased financial crimes among others accounts for why money laundering and other financial corruption is difficult to control in the country.
He noted this at the just concluded two-day anti money laundering conference themed: “Impact of anti-money laundering and illicit financial flows: Legislative, Policy and Institutional Gaps to investigate prosecute and convict for AML (Anti-Money Laundering)/ IFF (Illicit Financial Flows) charges” organised by CISLAC.
Okeke listed the absence of clear IFF policy and weak implementation, absence of specific legislation on IFF, absence of financial transparency as inhibitions to the fight against financial crimes.
According to him, the antimoney laundering efforts are global with the United Nations (UN) Convention for the Suppression of the Financing of Terrorism, the Egmont Group, which is connected to several international networks of Financial Intelligence Units (FIUs) and the Financial Action Task Force (FATF) as instruments deployed to tackle the menace.
He however observed that Nigeria’s began a series of legislations to fight money laundering following the signing and ratification of the convention for the adoption of a convention against illicit traffic in narcotic drugs and psychotropic substances.
“Fighting corruption ranks topmost in this administration’s policy and governance thrust.
Nigeria’s GDP per capita is estimated at $2,827, however corruption per capita is put at $1000 per capita in 2014 and will go up to nearly $2000 per capita in 2030 if drastic measures to curb it are not undertaken,” he said.
Also, the Project Manager, CISLAC, Gloria Chinyere Okwu, said the two-year project, which commenced in 2017 is funded y the European Union through Transparency International and cofunded by Global Affairs Canada IMPACT Project.
She said that apart from Nigeria, the project is also being implemented by six other ECOWAS countries; Ghana, Senegal, Liberia, Cote d’Ivoire, Sierra Leone and Guinea to among others increase public awareness for and political commitment to anti-money laundering and anticorruption mechanisms which effectively prevent, detect, report and sanction the laundering of corrupt and criminal proceeds in ECOWAS countries.