Institutionalising the war against corruption: new approaches to assets tracing and recovery
| Pages | 217-230 |
| DOI | https://doi.org/10.1108/JFC-12-2018-0125 |
| Date | 17 January 2020 |
| Published date | 17 January 2020 |
| Author | Ehi Eric Esoimeme |
| Subject Matter | Financial risk/company failure,Accounting & Finance |
Institutionalising the war against
corruption: new approaches to
assets tracing and recovery
Ehi Eric Esoimeme
Department of Legal, DSC Publications Ltd, Lagos, Nigeria
Abstract
Purpose –This paper aims to critically analysethe existing framework on assets tracing and recovery in
Nigeria. It will thereafter provideanalysis of the asset and recovery measures of advanced countries such as
the USA and the UK. The results from the analysis will yield maximum insight and help the Nigerian
Governmentto make better policies and laws on assets tracing and recovery.
Design/methodology/approach –This paper will rely on primary and secondarydata drawn from the
public domain.It will also rely on documentary research.
Findings –This paper determined that theNigeria asset recovery scheme is likely to be more effective if
Nigeria adoptsthe approach of the UK and the USA.
Research limitations/implications –This paper will suggest new ways for assets tracing and
recovery. The suggested approaches/methods are being used inadvanced countries such as the UK and the
USA.
Originality/value –Previous research papershave extensively discussed the problems faced with assets
tracing and recoveryfrom a prohibitive and investigative standpoint. Thispaper will discuss the topic from a
preventivestandpoint with little focus on investigative mechanisms.
Keywords Corruption, Asset tracing, Asset recovery
Paper type Research paper
1. Introduction
In today’s environment sophisticated “criminals”are deploying (and ever more so) complex
financial vehicles to conceal the location and source of misappropriated assets.Resultantly,
it is difficult to identify assetslocated within and across multiple jurisdictionsand moreover
it is problematic to obtain a favourable court order and enforce the recovery claim in these
local/internationaljurisdictions (Deloitte Forensic, 2015).
President Muhammadu Buhari’s administration has introduced a number of policy
measures for the tracing and recovery of stolen assets. For instance, on the 21 December 2016,
the Federal Executive Council approved the Ministry of Finance whistleblowing programme
that may see individuals, who voluntarily volunteers credible information on stolen or
concealed funds, smiling home with between 2.5 and 5 per cent of the funds when recovered.
The primary purpose of the policy is to support the fight against financial crimes and
corruption, promote accountability and enhance transparency in the management of public
finances (The Punch, 2017). Other policies introduced by the Federal Executive Council of
Nigeria include: treasury single account policy, plea bargaining and federal government’s
surveillance programme. While many of the policies have achieved great success, a lot still
needs to be done. The United Nations Secretary-General Antonio Guterres recently appealed to
the international community to take action against the flow of illegal funds, money-laundering
and tax evasion, which cost Africa$50bn every year (The Punch, 2018). It is believed that some
Approaches to
assets tracing
and recovery
217
Journalof Financial Crime
Vol.27 No. 1, 2020
pp. 217-230
© Emerald Publishing Limited
1359-0790
DOI 10.1108/JFC-12-2018-0125
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