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Anti-corruption summit in London to crackdown on stolen funds

Reporter: Olly Barratt 丨 CCTV.com

05-13-2016 11:00 BJT

At a major anti-corruption summit in London, plans have been announced for a Global Forum for Asset Recovery. Nigerian President Muhammadu Buhari called for more assistance in repatriating stolen funds. And Britain said it will crack down on declaring assets and tax evasion. President Buhari was a keynote speaker, though he agreed that Nigeria is 'fantastically corrupt.'

Trying to make life less of a beach for corrupt individuals and tax evaders. That's what these protesters want. And it's what these world leaders say they want too.

In London to come up with a co-ordinated response to the problem..

"An anti-corruption infrastructure and a strategic action plan that will include the monitoring, tracing and facilitating the recovery of stolen funds and assets hidden in secret accounts abroad," Buhari said.

President Buhari asked specifically for more British help in repatriating funds from the UK related to corrupt Nigerians..

The British government says it wants to spearhead international efforts to fight corruption. But it's coming under continued pressure to get its own house in order first.

British Prime Minister David Cameron says the UK is demanding more transparency from its overseas dependencies and territories which have been accused of acting as tax havens.

Britain will also make foreign firms that own property in the UK declare assets, with the aim of cracking down on money-laundering. And a series of countries are working together on more openness about the ownership of companies around the world.

"If they only talk then no it won't make any difference, if the talk leads to action then we can see something, the UK government has gone a certain degree in terms of agreeing to setting up public register of beneficial ownership here in the UK  it's great to see other countries following them we've seen Australia has made that announcement, France has, and South Africa just last week announcing that tit was going to do it too..we're really seeing it taking off," said Joseph Stead, senior economic justice advisor, Christian Aid.

If action does follow then the world's corrupt politicians, individuals and corporations should begin to feel a little less comfortable.

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