Civil Society Legislative Advocacy Centre, CISLAC, and the National Contact for Transparency International have called on the federal government to adopt a robust and comprehensive response to the Mossack Fonseca revelations.
This was contained in a press statement signed by CISLAC/Transparency International (Nigeria National Contact) in Abuja, yesterday.
The statement said the leaked documents listed the names of serving senators, their relations and prominent Nigerians who utilised the services of companies in tax havens and secrecy jurisdictions to hide assets and stowaway wealth whose source are questionable and ownership suspicious.
According to it, tax havens are known to provide politically exposed persons, corporate organisations and high net worth individuals with the needed secrecy to stash away proceeds of crime, corruption and tax evasion, thereby facilitating illicit financial flows and depriving countries of the much needed resources to finance development.
CISLAC called on relevant agencies of government to undertake a thorough study of the Panama Papers to identify all Nigerians involved, conduct additional investigations to determine the extent of illegality and criminality involved, apply the full weight of the law on anyone found culpable and work in collaboration with their counterpart in relevant countries to recover whatever is due to the nation.
“We are aware that these processes require time, determination and resources as demonstrated by the experiences of repatriating looted funds, bringing suspects to trial in the face of glaring corruption and recovering funds held in foreign accounts, but we urge them to be undaunted,” it stated.
CISLAC urged the government to address the fundamental issues of secrecy as it relates to our institutions, by taking steps, which are directly under its control.
The organisation also called for the mandatory disclosure of beneficial owners of both local and foreign companies operating in every sector of the Nigerian economy.
It also reiterated the need for the federal government to establish a registry of all companies with the full disclosure of beneficial owners and location to prevent financial secrecy.

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