The Society for Forensic Accounting and Fraud Prevention (SFAFP) has thrown its weight behind the bill seeking for the establishment of the Chartered Institute of Forensics and Certified Fraud Examiners, saying that when passed into law, the legislation will combat Illicit Financial Flows among other economic crimes.
SFAFP also argued that the bill will also reduce frauds, embezzlement, economic crimes, financial crimes and corruption in both public and private sectors of the economy
Speaking at ANAN House, Abuja recently, the President/Chairman of Council of the Society for Forensic Accounting and Fraud Prevention (SFAFP), Mr. Iliyasu Gashinbaki said the Joint African Union Commission/United Nations Economic Commission for Africa (AUC/ECA) High Level Panel Report on illicit financial flows from Africa, estimates that Africa is losing in excess of $50 billion a year to illicit flows and about $10billion with 20 per cent from Nigeria alone.
“The report makes the startling claim that over the past 50 years, Africa has lost more than $1 trillion, equivalent to all the official development assistance received during the same period,” he added.
Gashibaki touted other benefits of the Bill to include: “Creation of jobs in the 774 Local Governments because of its wide applications and operations, which cut across the three tiers and arms of the government and the private sector.”
“It will also help Nigeria fight corruption; trace-track-recover lost funds/assets/resources; build capacity; attract foreign investments and build/restore the confidence of investors in the Nigeria economy.”
The proposed Chartered Institute is made up of multi-disciplinary professionals with diverse expertise in the use of various forensics tool kits for intelligence gathering and investigation of wide-ranging cases thus getting precise and unambiguous results
According to Gashinbaki “The key strategic objective of the Bill when passed into law is to significantly reduce both domestic and global challenges posed by embezzlement, organized crime, money laundering, terrorist financing, trans-national organised crime and cybercrimes by training and deploying competent professional forensic experts, fraud examiners and investigative professionals that would meet the demand of the growing complexities of the financial system and the digital economy.”
“Other gains are: Providing Technical Assistance and capacity building on anti-corruption through continuous skills development for professional practitioners, law enforcement agencies, public and private enterprises in Nigeria and beyond; Fostering international cooperation and enhancement of foreign direct investment into the country by creating safe and investment friendly environment for investors and Promotion of transparency and accountability in dealing with public and private sector operations in the economy among others,” he explained.