Public and Private Development Centre (PPDC)’s Post

Nigeria cannot afford any fiscal recklessness at this critical juncture. The news regarding budget padding of such a significant amount is deeply concerning. It's alarming to consider that we'll be financing this budget with debt, especially while the amendment of the Fiscal Responsibility Commission Act remains pending. This delay hampers the commission's ability to enforce fiscal discipline, transparency, and accountability in public finance, thereby fostering corruption even after the budget has been passed. There is no more opportune moment than the present to amend the act! #CrowdOutCorruption #GIFTII

Prof. Passas’ REGULATORY FUNDAMENTALISM/ CONUNDRUM: In Liberia, While the Assets Recovery Team (an independent ad hoc body) demands anyone in illegal possession of government’s assets including vehicles to return same to them, the country’s General Services Agency (GSA) embarks on similar venture. At the same time, The Liberia Anti-Corruption Commission (LACC) is quietly trying to execute similar activities as part of their statutory mandate. With all of these ongoing, there remains NO property manager to manage any kind of property frozen, seized, confiscated or recovered, as required by Liberia’s assets recovery law. Where is the priority? Recently, the assets recovery team requests US $1.9M budget from the government to perform assets recovery functions that are already charged statutorily with the Country’s anti corruption commission to perform in almost similar annual budget. Nikos Passas theorized “regulatory fundamentalism” seems to be at play at its best in Liberia.

In one morning discussion on comparative mechanisms to promote accountability and transparency in public service with the former Ambassador of Romania to Kenya, I learnt that in Romania as is with some of the most progressive countries, there is very serious tracking of state and public officers wealth to protect against CORRUPTION. First, state and public officers are NOT allowed to hold accounts or own property outside their countries. Secondly, they are NOT allowed to do business with the government they serve. Thirdly, at entry level, every officer MUST declare his/her wealth which is updated annually and made available to the PUBLIC in an accessible website. If an officer purchases a car, land, bonds, shares; every detail of the value, location, beneficiary ownership is updated and made available. Nothing PRIVATE, everything is PUBLIC. You can't just show up in an interview panel and declare a whopping Kshs 150M growth in wealth when all your declared income indicates Kshs 48M.

**The Importance of Declaring Assets: A Call for Transparency Among Prominent Influential Persons (PEPs)** There have been calls for Prominent Influential Persons (PEPs) to declare their assets to either the CJ or the Speaker. This is not just a noble call but a practice grounded in transparency and accountability. *It's aligned with the principles of good governance.* Many Banks have 'Outside Business Practice and Related Parties Declarations Policy and Procedures' for their staff. Employees are required to annually declare. The call for PEPs to declare is not unique. However, most PEPs resist the call to declare their assets. Strange! So, why is this important and how has the law made it obligatory? ***The Legal Obligation*** The Financial Intelligence Centre Act (FICA) in Zambia mandates Reporting Entities to apply enhanced due diligence when opening an account or transacting with a PEP. This enhanced due diligence includes: - Obtaining the source of funds and source of wealth - obtaining proof of the source of funds and proof of the source of wealth of the PEP ***Why It Matters?*** This requirement under FICA essentially makes it obligatory for PEPs to declare their assets. Here's why it matters: 1. **Transparency**: Declaring assets promotes transparency, which is critical in maintaining public trust and integrity in the financial system. 2. **Accountability**: It helps ensure that PEPs are accountable for their financial activities, deterring corrupt practices. 3. **Legal Compliance**: For the FI, adhering to these requirements prevents legal repercussions and aligns with international standards. ***Opportunities for Law Enforcement*** For Law Enforcement Agencies (LEAs), this provides an avenue to investigate cases of money laundering and the possession of property reasonably suspected to be proceeds of crime. By leveraging these declarations, LEAs can more effectively trace illicit financial activities and uphold justice. ***Call to Action*** Declaring assets is not just a legal requirement; it is a step toward building a transparent and accountable Zambia. Let us support this initiative and work together to strengthen our financial systems and curb corruption. #Transparency #Compliance #FinancialIntegrity #AntiMoneyLaundering #FICA #FinancialSecurity #Anti-Bribery #Anti-Corruption

Informal Sector Development in Nigeria: how impactful is the government financial interventions? Lawal Bakare Development, Finance, Reforms, Informal Sector, Dependency https://lnkd.in/diuR_av9

💡 Investing in developing countries carries inherent risks, particularly in regions where legal frameworks are less established and the potential for fraud and corruption is higher. Conducting comprehensive corporate-records checks is essential for investors to identify and mitigate these risks. 🕵♂️ These checks validate ownership structures, financial statements, and other critical information, while also highlighting any pending lawsuits or regulatory concerns. With CK Advisory Africa, safeguard your investments and make informed decisions by ensuring thorough corporate-records check and due diligence across Sub-Saharan Africa. #SubSahara #CorporateRecords #DueDiligence #MarketIntelligence

INFOFLASH: Kenya has overhauled its regulatory framework applicable to the public offer of securities. This overhaul is expected to provide a welcome update to the well-out-of-date regulations that they have repealed. Kenya is further readying itself for future growth. Well done.

VIRTUAL PRESENTATION OF GUIDELINES FOR CIVIL SOCIETY ORGANIZATIONS IN THE MANAGEMENT AND MONITORING THE PROCEEDS OF CRIME Date: 16th July 2024 Time: 11:00AM WAT REGISTER NOW using the link: https://bit.ly/4cF4m97    Join us! The African Center for Governance, Asset Recovery, and Sustainable Development, in collaboration with the CLEEN Foundation, will present the Guidelines for Civil Society Organizations in the Management and Monitoring of Proceeds of Crime. In line with our mandate in promoting and helping countries meet the targets in the United Nations Sustainable Goal (SDG) 16.4, which calls for countries to ensure that “by 2030, countries should significantly reduce illicit financial flows, strengthen asset recovery and return of stolen assets and combat all forms of organised crime”, the Guidelines for Civil Society Organizations in the Management and Monitoring of Proceeds of Crime aim to provide a framework for transparent and effective management and monitoring of proceeds of crime. It provides CSOs with tools to assist governments in transparently using returned assets, inspire successful engagement in asset recovery, and support monitoring of proceeds of corruption returned to countries of origin in line with the Global Principles on Asset Return (GFAR), 2017. By achieving these objectives, CSOs can play a crucial role in ensuring that assets are returned to their rightful owners, ultimately contributing to the fight against corruption and crime. #Civilsocietyorganizations #Guidelines #proceedsofcrime #research #Monitoringofproceedsofcrime #assetrecovery #anticorruption #africancenter #CLEENFoundation #GFAR #sdg #SDG16 #proceedsofcorruption The African Center for Governance, Asset Recovery, and Sustainable Development (“the African Center”) is an independent civil society organization headquartered in Abuja, Nigeria. The African Center collaborates with national governments, international and regional organizations, and non-governmental organizations to promote good governance, sustainable development, and the rule of law. Read more: https://lnkd.in/dhAxzGEr More information on our work can be found on our website: https://lnkd.in/dRGufXjF To become a member of the Network of Asset Recovery and Management Professionals, please click https://lnkd.in/dvydT63Z

According to Global Financial Integrity (GFI), Kenya 🇰🇪 loses billions of shillings yearly due to illicit financial flows (IFFs) caused by corruption, trade mis-invoicing, money laundering, and tax evasion. Consequently, Kenya was placed on the grey list by the Financial Action Task Force (FATF) on February 23, 2024, causing significant concern within the economic sector. However, rather than members of parliament convening to tackle reducing these IFFs hindering Kenya’s progress, all attention was given to setting up more regressive tax policies that will primarily impact vulnerable individuals.  Read More ➡️https://bit.ly/3zdrfS2 #Femonomics #RejectFinanceBill2024