FIRS, Stakeholders Gather to Develop Strategies Against Illicit Financial Flows at National Conference
The Federal Inland Revenue Service (FIRS) is set to host a two-day national conference focused on combating Illicit Financial Flows (IFFs), as part of its ongoing efforts to protect Nigeria’s financial integrity and enhance revenue collection. The event aims to address the damaging impact of illicit financial activities on the nation’s economy.
According to a statement by Dare Adekanmbi, Special Adviser on Media to FIRS Chairman Dr. Zacch Adedeji, the conference will take place from July 22 to 23 at the Transcorp Hilton Hotel in Abuja. Themed “Combating Illicit Financial Flows: Strengthening Nigeria’s Domestic Resource Mobilisation,” the gathering will serve as a platform for policymakers, experts, and stakeholders to explore actionable strategies to curb IFFs.
The conference will feature keynote addresses from notable speakers, including Honourable Irene Ovonji-Odida, a member of the United Nations High-Level Panel on IFFs (FACTI Panel), and will be chaired by the Minister of State for Finance, Dr. Doris Uzoka-Anite.
Participants will discuss measures such as improving compliance mechanisms, increasing transparency around beneficial ownership, and leveraging technology to detect and prevent tax evasion, trade mispricing, and other illicit financial activities.
Adedeji highlighted that FIRS has ramped up efforts by implementing capacity-building programs for staff to better identify and block IFFs, and by establishing the Proceeds of Crime Management and Illicit Financial Flows Coordinating Directorate (POCM-IFF), a key institution in tackling these issues. He also noted the existence of an inter-agency committee comprising FIRS, the Nigerian Financial Intelligence Unit, the EFCC, Nigeria Customs Service, Central Bank of Nigeria, SEC, and others, working collaboratively to curb illicit financial flows.
Ovonji-Odida expressed optimism that the conference would deepen understanding of IFFs and foster a renewed commitment to action among stakeholders.