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Buhari signs 2018 Executive Order on voluntary overseas asset declaration
May 22, 2020
By Ebere Agozie
President Muhammadu Buhari has signed the 2018 Amended Executive Order 008 on Voluntary Offshore Assets Regularisation Scheme (VOARS).
Dr Umar Gwandu, Special Assistant to the Attorney General of the Federation and Minister of Justice on Media and Public Relations disclosed this on Thursday in Abuja.
“As a result of stakeholders input and need to strengthen implementation mechanisms and structures, the Order was reviewed.
“Consequently, the Amendment to the Executive Order 008 was signed on May 20 by President Buhari’’.
He said the Executive Order 008 as amended mandated the Attorney-General of the Federation to set up and implement a Voluntary Offshore Assets Regularisation Scheme otherwise referred to as `VOARS’.
“VOARS gives all relevant persons and their intermediaries who have defaulted in declaration of their offshore assets the opportunity to voluntarily declare and regularise their offshore assets, subject to fulfillment of the terms and conditions stipulated in the Order and other subsequent regulations’’.
Gwandu noted that in order to ensure seamless exchange of information, VOARS will work closely with the Nigeria Financial Intelligence Unit (NFIU) which has worldwide access to relevant financial information.
“The government hopes that relevant persons amongst Nigerians, their entities and intermediaries will seize the opportunity provided by VOARS to declare and regularise their offshore assets before it is too late.
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