Int’l tax system needs reform to tackle illicit financial flows – Osinbajo

Vice President Yemi Osinbajo on Monday called for an overhaul of the international tax system in order to tackle illicit financial flows (IFFs) and related vices.

Osinbajo spoke at the virtual press launch of a publication by the United Nations Conference on Trade and Development on the impact of illicit financial flows on African development.

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He said an effective global action against IFF and related vices was necessary because of its negative impact on progress of developing countries especially in Africa.

Osinbajo said leaders of destination countries of illicit funds and their proceeds must demonstrate the will to tackle the menace.