By Titilope Fadare

OrderPaperToday– The Republic of Ecuador has expressed support for efforts to combat corruption and recovery of illicit assets by the Government of Nigeria.

The Ambassador of Ecuador to Nigeria, Leopoldo Rovayo, who expressed this at a conference in Abuja, said a collaboration in this regard would contribute to the global aspiration on the implementation of the United Nations 2030 agenda for Sustainable Development.

He said  the recovery of illicit assets can become veritable sources of financing for development.

He said: “There is a special interest for my country in the theme of the conference, because we think that there is vital importance of inclusive cooperation and dialogue among national tax authorities on international tax matters, and underscore the importance of the increasing recognition of the central role of tax systems in development, and stress the importance of scaling up international tax cooperation and combating illicit financial flows using financial and tax havens in order to mobilize domestic resources for the implementation of the 2030 Agenda for Sustainable Development and its Sustainable Development Goals, as well as putting on the ground the Addis Ababa Action Agenda.

“In this regard, Ecuador reiterates its commitment to work during its presidency of the G77 plus China to strengthen regulatory frameworks at all levels to further increase transparency and accountability of financial institutions and the corporate sector, as well as public administrations.

“We also emphasize that efforts in international tax cooperation should be universal in approach and scope, and should fully take into account the different needs and capacities of all countries.

“My country reiterates our commitment to work to strengthen international cooperation to combat money laundering and financing terrorism, which have serious implications for economic development and social cohesion.”

Rovayo urged that the United Nations Member States consider the upgrading of the Committee of Experts on International Cooperation in Tax Matters, by transforming it from experts acting in their own capacity, to an inter-governmental subsidiary body of the Economic and Social Council (ECOSOC).

According to him,  Ecuador had approved recently a proposal that forbids politicians and public servants to have assets in tax haven.

“If we do not work together in creating global rules for tax or financial havens, how we could recover the assets that come from illicit financial flows to foster sustainable development?

“That is why the support of the Ecuadorian proposal is vital for clearing the road.  We had to build real democracies and not states managed by big corporates and multinationals.”

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