SATURDAY, 21 MAY 2011 00:00      

http://www.compassnewspaper.com/~compas/index.php?option=com_content&view=article&id=6590:efcc-warns-governors-against-money-laundering&catid=308:headlines&Itemid=600

Ahead of the May 29, 2011 inauguration of the new government, Chairman of the Economic and Financial Crimes Commission,EFCC, Mrs Farida Waziri, yesterday gave a stern warning to all new and returning governors to steer clear of acts and intents geared towards money laundering and other economic crimes.

Waziri handed down the warning at a symposium for “New and Returning Governors of the Federal Republic of Nigeria” held at the State House, Presidential Villa, Abuja . She charged the governors to shun havens where looted funds are kept in offshore accounts and reminded them that “maintenance of foreign accounts is constitutionally prohibited.”

According to her, “We cannot continue to enrich the economies of other countries at our own expense. We must bring the money back. We cannot launder money to those economies and turn back to seek economic aid from them. They continuously laugh at us. Launderers must be reminded that once stolen assets are identified, they will be frozen. Even though it is difficult to get them back, you cannot enjoy them either.” She further stressed that “the survival of our democracy and indeed the nation itself is dependent on how we approach the issue of our governance and, with it the fight against corruption”

She admonished the governors to pay critical attention to some serious issues of governance which she outlined to include: “Legitimacy and representative government; accountable administration characterized by free flow of information; separation of powers; effective internal and external auditing; low levels of nepotism, clientelism and cronyism; a competent and service oriented public service and respect for human rights and rule of law and absence of executive arbitrariness”.

She underscored the importance of good governance to the governors saying the EFCC will always partner with any of them that demonstrates visible commitments to it. “It is important to state at this stage that the EFCC is your partner in ensuring good governance. The EFCC is not a monster looking for trouble or creating problem for governors. However, it has work to do. Where good governance fails, the EFCC must intervene. That is where the partnership parts ways”, she said.

Waziri used the forum to reiterate the need to pass the Non-Conviction-Based Assets Forfeiture Bill by the National Assembly. “Switzerland, a country from which Nigeria recovered over USD$705million from the Abacha loot recently passed similar law-Restitution of Illicit Assets Act (RIAA) targeted at PEPs from developing countries…….If Switzerland that has no high corruption problem has enacted such a law which is in compliance with Article 20 of UNAC, Nigeria should indeed be in a hurry to enact a similar law”, she explained. She said that it is by taking such an initiative that the nation’s rating by Transparency International can improve.

Waziri lamented that over 70 per cent of corrupt practices in Nigeria take place in the public sector and tasked the governors not only to be exposing chairmen of local governments found wanting in the discharge of their functions but to always review their performance in office by asking themselves questions such as: “Have I followed due process? Can I diligently account for all expenditure including security votes? Is the project driven by private interest or for public good? Is the economic cost of the project reasonable and justifiable? Is the project affordable? Can my actions stand any investigation which will absolve me? Can I honestly and publicly declare all the assets I have acquired while in office?”