 |
| Hundreds of Thousands of Dollars Laundered Out of Nigeria Every Hour – INTERPOL |
On Monday, the International Police Organisation (INTERPOL) disclosed that "hundreds of thousands of dollars" are being laundered out of Nigeria to other African countries and globally every hour.
INTERPOL highlighted that money laundering has reached alarming levels across Africa and the world, necessitating a unified effort from security agencies in Nigeria and beyond to combat this issue.
Garba Baba Umar, INTERPOL's Vice President for Africa, made this revelation at the EFCC Academy in Abuja while inaugurating a four-day workshop for Nigerian law enforcement agencies.
Umar announced the launch of "Silver Notices Against Money Laundering," an initiative aimed at tackling the scourge of money laundering and illicit financial flows, particularly in Africa.
"Evidence shows that every hour, hundreds of thousands of dollars are being laundered out of Nigeria, reaching criminals who then enjoy the profits of their crimes, while hardworking and honest Nigerians bear the brunt of these activities.
"With each successful laundering of criminal money, our country becomes more susceptible to crime. This leads to more drugs, fraud, corruption, and violence. Every instance of successful money laundering further damages our financial institutions," Umar stated.
He emphasized that the "Silver Notices" initiative would make it significantly harder for illicit funds to be laundered anywhere in the world.
Addressing the workshop's theme, "Strengthening Capacity and Coordination against Financial Crimes," Umar noted that financial crimes have become transnational, requiring continuous training for law enforcement to stay ahead of fraudsters.
"This workshop provides an opportunity to reassess the challenges of combating transnational crimes, refine our strategies, and reaffirm our commitment to ensuring security for our citizens and the global community," he said.
EFCC Executive Chairman Ola Olukoyede stressed the importance of enhanced collaboration in fighting financial crimes. Speaking through the Director of Fraud Risk Assessment and Control, Francis Usani, Olukoyede noted that the complex nature of global corruption demands collective action from all stakeholders.
"The fight against corruption in Nigeria and worldwide requires serious collaboration among organizations tasked with combating corruption," he said.
Japanese Ambassador to Nigeria, Mr. Kazuyoshi Matsunaga, described the workshop as a crucial joint initiative between Japan and Nigeria to combat financial crimes. He emphasized that in today's globalized world, financial crimes transcend borders and require international cooperation among law enforcement agencies.
Similarly, Hafsat Bakare, Director-General of the Nigerian Financial Intelligence Unit, underscored the need for strengthening capacity and coordination against financial crimes. She highlighted that "financial intelligence and analysis techniques are essential in tackling economic crimes."
Bakare noted that the NFIU is aware of the interconnected nature of the criminal justice system and the threats posed by organized crime and cybercrimes, which law enforcement agencies are actively combating.
