Banks Encouraging Illicit Financial Flows Must Be Sanctioned – Osinbajo

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The Acting President, Professor Yemi Osinbajo says banks and financial institutions who engage in illicit financial flows must be held accountable and criminalised.

Speaking at a conference on promoting international co-operation in combating illicit financial flows and enhancing asset recovery in Abuja, the Acting President said such institutions must be made to face the consequence.

He also noted that there is a media war between people fighting corruption and those behind the stolen funds which needs to be addressed if the nation is to make any progress.

According to him, huge looting has been responsible for Nigeria’s dwindling development, a trend that has to come to an end.

Also addressing the issue, other stakeholders including the Chairman, Presidential Advisory Committee Against Corruption, Itse Sagay announced that the continent is losing about 80 billion dollars annually to illicit financial flow.

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