Senate moves to block revenue loss to money laundering, tax evasion

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The Senate on Wednesday took steps to block Nigeria’s revenue loss to money laundering and tax evasion by international oil companies (IOCs) operating in the country.

The move is also targeted at tracking and blocking proceeds of corruption and other criminal activities involving illicit financial flows.

This was part of Senate resolution reached after consideration of the motion on “the need to review the domestic legal framework against Illicit Financial Flows and to consider the creation of a Tax Amnesty for the voluntary repatriation of funds to Nigeria.”

Sponsor of the motion, Senator Gershom Bassey (PDP – Cross River South), said Nigeria has lost over a 100 billion to illicit…



Source: Nigerian Tribune