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Curbing Money Laundering and Illicit Financial Flow as Desiderata for Effective Source of Funding for the Sustainable Development Goals (SDGs)

 

Civil Society Legislative Advocacy Centre (CISLAC)
1 Background paper: Curbing Money Laundering and Illicit Financial Flow as Desiderata for Effective Source of Funding for the Sustainable Development Goals (SDGs)
73rd UN General Assembly, New York, USA, Side Event
September 2018

Paper presented by: Civil Society Legislative Advocacy Centre (CISLAC)/ Transparency International Nigeria

Author(s): Okeke Anya, Vaclav Prusa1


Abstract

Nigeria cannot effectively achieve the 17 Sustainable Development Goals (SDGs) if money meant for the good governance of the country continues to be frittered away. Various levels of corrupt practices in government persist and plague the country. Issues of contract manipulation and inflation, unaccountable and unscrutinised security vote spending, money laundering, illicit financial flow and many others, continue to be a drain pipe for dire government resources. This paper looks at the effect of money laundering and illicit financial flow on the implementation of the Sustainable Development Goals (SDGs). It explains that there are opposing arguments on Nigeria’s achievement of the MDGs which is a precursor to the SDGs. The paper looks at the effects of money laundering and illicit financial flow on the general economy of the country and their effect on implementing the SDGs. It argues that harnessing available resources and applying such resources judiciously will support Nigeria’s achievement of the SDGs. Recommendations are made in tackling these two negative maladies if Nigeria must harness its resources towards a better funding for the SDGs.

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