Often times when public fund is looted in the country, either by private or public officers, a large chunk of it is taken abroad. There it is considered to be in safe haven. That is the common place practice.What the money is used for is oftentimes, misty to both the owner, so to say and those from whom it is looted.
But while the loot is in the foreign bank account,it flourishes the host economy.This makes a huge return for the depositors, may be,in the long run. Could this be the reason for the botched naira re-denomination. Your imagination can jigsaw the puzzle,if you try.
But if the international community accuses Nigeria of corrupt practices especially in money laundering activities, with the comfort some Nigerians enjoy wheen they move money out of the country and lodged it in those banks, why do they accept the money for deposite? It is difficult not to believe if such acts can really abate the practice.
It is also a wonder that a public office holder oftentimes is allowed to enjoy his loot with any investigation into his financial practice made when such person dies. Like it was done in the case of General Abacha, a former head of state. But mouch can really be recovered and returned to public treasury. And an act instituted to serve as deterant to other public office holders who deepest interest in public life is to enrich themselves.
However,while Nigeria braces up with the fight against corruption,it is commendable that the Fedral Bureau of Information,FBI[USA]undertoke the training of one hundred and fifty officials of the Economic and Financial Crime commission,EFCC, between the 3rd-21st September,2007 on financial fraud, cash management, interviewing and interrogation,provided international law enforcement training as well as prevention of terriorist act.This partnerships as well as that coming from the World Bank,United Nation Office of drugs and Crime will give a meaning to the fight.
The initiative,in all ramifications, is expected to assist developing countries recover assets that have been stolen,enable the process of reinvesting them in effective development programmes as well as combat crime and destroy international safe haven for such criminals.
This gives the assurance that the needed cooperation between developed and developing countries is fostered.If sustained,the process would have been consolidated for public and private sector loots which has been put at about five hundred and twenty one billion dollars since 1960 to be recovered and returned to the Nigeria people.
Notably,the UN secretary,Ban Kimoon has envolved a stolen asset recovery initiative to collaborate Yar’Adua administrative thrust of recovering billions of dollars stached away by corrupt government officials.There should not be a safe haven for those who steal from the poor.World Bank president Mr Robert Zoellick has also risen to the course and said helping developing countries recover fund will be a key to have money available to finance social programmes.Corrupt leaders have therefore been put on notice that they can not always escape the law.
United Nation office of Drug and Crime, Executive Director Mr.Antonio Marva Costa said the global fight against corruption is an unrelenting one.He said a hard measure has been taken against Kleptocrats who steel public fund.
The cross border flow of global proceeds from criminal activities,corruption and tax evasion,he said is between one trillion and one point six trillion dollars per year. He pointed out that if one hundred million is recovered four million children will be provided immunization, water provided two hundred and fifty thousand household with six thousand people afflicted with HIV/AIDS given adequate medical attention.