Nigeria's President has issued an executive order amending the Executive Order 008 of 2018 on the Voluntary Offshore Assets Regularisation Scheme (VOARS). The Amendment Order is officially known as the Voluntary Offshore Assets Regularisation Scheme Amendments 2019 (the Amendment Order).
- The Attorney General of the Federation is required to set up a VOARS office within the Nigerian Financial Intelligence Unit (NFIU).
- Relevant persons who are in default are given a period of 30 months, commencing from 8 October 2019 to declare offshore assets acquired during the 30-years period from 1987 to 2017
- Declarants would be able to regularise their offshore assets by voluntarily paying a 35% one off fine/levy on the disclosed offshore assets.
- The Order also allows persons to elect to access any of the offshore assets regularisation facilities in Liechtenstein, Nigeria, UAE, Switzerland, UK or elsewhere by paying a 2% facility access fee.
- The Order imposes a penalty of 10% per annum on the value of the offshore assets, in addition to other penalties provided under the relevant laws on any domestic or foreign bank, asset manager or intermediary that cooperates with defaulters to conceal offshore assets.
Read our alert for more and download a copy of the Amendment Order below:
Originally published 14 June 2020.
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