The Chairman, Presidential Advisory Committee Against Corruption (PACAC), Professor Itse Sagay says the Fight Against Financial Crimes will be difficult to win without the support of Professional bodies.
Professor Sagay made this known in a one-day zoom conference organised by PACAC with the theme: “The Roles of Professionals and Professional Bodies in Combating Financial Crimes”, held in Lagos.
According to Sagay there is need for result-oriented policies, programs alongside transparency and accountability from both government and professional bodies in efforts to fight corruption.
Earlier, the Executive Secretary of PACAC, Professor Isah Radda stated that recent developments in the country have made the roles of professionals in Nigeria’s quest to combat financial crimes very important.
He added that professionals have roles to play in the anti-corruption sector.
The keynote speaker and
past President, Chartered Institute of Bankers of Nigeria, Professor Segun Ajibola who represented the President Association of Professional Bodies of Nigeria, Akin Oyegbola, said financial crimes usually involves a complex web of professionals.
He explained that many professional bodies do not have up competency framework to bring their members to currency.
Oyegbola stressed that Financial crimes would remain a challenge if disciplinary procedures in the professional bodies are not effective.
The Charter that established professional bodies must compel them to enforce disciplinary measures against their members for involvement in financial crimes within the ambit of the provisions of the Charter.
According to him, Corporate and individual members of a professional body must be compelled to report detected unwholesome practices to the professional body.
He added that professional bodies and their members must always show readiness to obey the provisions of the extant local and international laws towards combating financial crimes such as the Economic and Financial Crimes Act 2004 (as amended); Independent Corrupt Practices Act 2004 (as amended); Anti-Money Laundering Act 2004 (as amended); the Vienna Convention, The Financial Action Task Force, the Laws against drug trafficking, policies and regulations on cash movements across borders, human trafficking, etc
The Presidential Advisory Committee Against Corruption (PACAC) was established in August 2015, with the mandate to promote the reforms agenda of government on the anti-corruption effort and to advise the present administration in the war against corruption and the implementation of required reforms in Nigeria’s criminal justice system.
PACAC is supported by a 7-member Technical Committee.
By Georgina Humphrey