England Agrees to Return Looted Cash to Nigeria

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England Agrees to Return Looted Cash to Nigeria

By Correspondent

The United Kingdom (UK) government during the anti-corruption summit, yesterday in London, agreed to a plan to speed up international efforts on asset recovery.The Global Forum for Asset Recovery has made plans to gather governments and law enforcement agencies to discuss returning assets to Nigeria, Ukraine, Sri Lanka and Tunisia.According to BBC reports, the meeting will be held in the United States (US) next year, co-hosted with the UK, and supported by the United Nations (UN) and the World Bank.This year’s summit was hosted by British Prime, Minister David Cameron, who was commended for bringing together governments, businesses and civil societies.Nigeria was dully represented by President Muhammadu Buhari who said the international community must come up with ways of getting rid of safe havens and ensuring a better return of assets.“When it comes to tackling corruption the international community has looked the other way for far too long,” he stated.Mr Cameron mentioned that there has been concern recently that the UK, particularly London, had become a place where rich foreigners could buy properties but hide their ownership.He warned that the illegal practice should stop and that foreign firms that own property in the UK must declare their assets in a public register.The report reads in part, “Downing Street said Mr Cameron’s plans for a register of foreign companies owning UK property would include those who already owned property in the UK as well as those seeking to buy.“It said the register would mean corrupt individuals and countries will no longer be able to move, launder and hide illicit funds through London’s property market, and will not benefit from our public funds.“Foreign companies owned about 100,000 properties in England and Wales and more than 44,000 of these are in London.”Five other countries including France, the Netherlands, Nigeria and Afghanistan have also pledged to launch public registers of true company ownership.Australia, New Zealand, Jordan, Indonesia, Ireland and Georgia announced initial steps towards similar arrangements.“There are also plans for a new anti-corruption co-ordination centre in London and a wider corporate offence for executives who fail to prevent fraud or money laundering inside their companies.British Prime Minister revealed they are looking for greater transparency and they are introducing a code of conduct for professionals such as accountants, solicitors and estate agents who enabled corruption, either knowingly or unknowingly.

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