ARTICLE
24 October 2018

Analysis And Implications Of Nigeria's New Executive Order On Voluntary Declaration Of Offshore Assets

The Scheme, which encourages voluntary declaration of offshore assets, is aimed at combating money laundering and tax evasion.
Nigeria Wealth Management

The Federal Government of Nigeria (FGN), on 8 October 2018 (Effective Date), issued Executive Order 008 (Order), backing the implementation of the Voluntary Offshore Assets Regularisation Scheme (VOARS or the Scheme).

The Scheme, which encourages voluntary declaration of offshore assets, is aimed at combating money laundering and tax evasion. In this regard, FGN plans to set up a VOARS Facility in Switzerland, as its intermediary for the implementation which will be done in conjunction with relevant authorities in Switzerland.

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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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