FIRS to Combat Illicit Financial Flows, Boost Revenue
The Federal Inland Revenue Service (FIRS) has expressed commitment to combating Illicit Financial Flows (IFFs) and strengthening the country’s domestic resource mobilisation.
The Executive Chairman of FIRS, Dr Zacch Adedeji, expressed the commitment in a statement by Dare Adekanmbi, his Special Adviser in Media. According to Adedeji, before now, the FIRS had set in motion machinery to tackle IFFs by approving capacity building programmes for staff members of the agency.
He said that the programmes were on how to identify and block IFFs and how to increase revenue collection from the multinational corporations.
“In sustaining this, we also approved the establishment of Proceeds of Crime Management and Illicit Financial Flows Coordinating Directorate (POCM-IFF) which is pivotal to addressing the menace.
“Taxes play a very strategic role in the nation’s economy,.
“Before now, the Federal Government of Nigeria had established an Inter-Agency Committee on Stopping IFFs from Nigeria in its efforts to curb the illicit flows,” he said.
Adedeji said that the committee comprised FIRS, Nigerian Financial Intelligence Unit, Independent Corrupt Practices and Other Related Offences Commission, Economic and Financial Crimes Commission, Nigeria Customs Service, Central Bank of Nigeria, and Securities and Exchange Commission,
He said that the FIRS had concluded plans to host a two-day national conference on IFFs in its efforts to safeguard Nigeria’s financial integrity through tackling the menace which adversely impacts revenue collection.
He said that the high-level gathering, scheduled to hold on July 22 and July 23, has the theme “Combating Illicit Financial Flows: Strengthening Nigeria’s Domestic Resource Mobilisation”.
“The conference will serve as a platform for reflection on actionable solutions, reinforcing the Federal Government’s commitment to protecting financial integrity and ensuring that domestic revenue is fully harnessed for national development.
“The event will bring together experts from various fields, including policymakers, tax administrators, law enforcement agencies, anti-corruption agencies, financial experts, and international stakeholders.
“A key member of the United Nations High Level Panel on IFFs (FACTI Panel), Irene Ovonji-Odida, will deliver a keynote address, while the Minister of State for Finance, Dr Doris Uzoka-Anite, will chair the conference, Adedeji said.
He said that the conference would spotlight the agency’s “intensified efforts in tackling IFFs.
He listed such efforts to include strengthening compliance mechanisms, enhancing beneficial ownership transparency, and leveraging technology to detect and deter tax evasion, trade mispricing, and other illicit outflows. Lagos Unveils 30-year Investment Growth Plan
