Cross-Border Assets Recovery in Abacha, Marcos, Montesinos,Griffen and Angolan Oil Finance Cases: Analysing the LegalLandscape, Practice and Challenges

Abstract

 Current literature on financial transparency suggests that illicit financial transfers
and money laundering are integral to cross-border corruption, which has caused
significant financial challenges globally. Nigeria is a victim of this, as evidenced
by the notorious instances of ‘Abacha’s loot’, which were recovered, repatriated
and restituted from sundry international accounts. The recovery of looted assets is
heavily reliant on international financial agreements; however, the legal
frameworks for repatriation and restitution have not been updated to address
evolving forms of international financial corruption. This article aimed to examine
the impediments inherent in enforcing institutional frameworks and policies
against cross-border financial laundering, using the Abacha loot recovered from
Switzerland as a basis. To achieve this, it has conducted a comparative analysis of
similar corrupt-looting experiences in Peru, the Philippines, Angola, and
Kazakhstan, in the Nigerian context, to identify subjective considerations
regarding the application frameworks these nations use for the return of illicitly
transferred funds. Using a doctrinal method of research, it identified challenges to
the enforcement of legal frameworks and policies against corrupt cross-border
financial transfers, such as poor international cooperation, weak transparency in
financial circles, poor public accountability, porous monitoring mechanisms, bank
secrecy policy, and non-ratification of the United Nations Convention Against
Corruption, among others. Accordingly, this article contributes to existing
knowledge regarding the complex web of effects, the international cross-border
transfer of funds for corrupt purposes, and the recovery and return of such funds.
Hence, it addresses the need for concerted efforts to ameliorate the impediments
to the effective implementation of institutional regulatory schemes against crossborder illicit money laundering in the Nigerian context.