EFCC, NFIU, others decry money laundering, terrorism financing

U.S. attorney admits menace not peculiar to developing nations

Lawyers, anti-money laundering crusaders and academics have identified money laundering and terrorism as two of the major challenges threatening the economy of developing countries, especially Nigeria.

They spoke in Abuja, yesterday, during a public lecture organised by the University of Abuja (UNIABUJA), in collaboration with the University of California, San Francisco (UCSF), United States (U.S.) with the theme ‘Combating Money Laundering and Terrorism Financing in Developing Economies’.

Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, remarked that money laundering and terrorism financing were cross-border offences that affect all countries of the world.

Represented by the Director, Legal Services, Sylvanus Tahir, the anti-graft czar, said various countries were affected by money laundering and terrorism financing.

“You may discover that those who engage in crime may be located in one jurisdiction but their activities cross the borders. So, that underscores the importance of bringing experts from abroad to come and tell us their experiences of what is happening there and how they are fighting it,” he said.

Olukoyede stated that EFCC recorded success and convicted many suspects over matters related to money laundering, adding that not all cases were high profile (involving politicians); hence, not popular.

While reiterating the commission’s commitment to battling the menace, he assured Nigerians that the EFCC was equipped to fight against economic crimes.

Deputy District Attorney of Alameda County, California, Demarris Evans, who was the guest speaker, pointed out that money laundering and corruption were not confined to developing countries, but were also prevalent in developed nations like the U.S.

She cited numerous corruption cases in the U.S. and stressed the importance of transparency initiatives, new legislation, whistle-blower protection and investigative journalism to address the issues.

Evans, in her paper, ‘Government Corruption in the United States’, said if individuals did not know what was happening in the government, they would not be able to hold anyone accountable.

She said the problems could be combated through the provision of anti-corruption laws, transparency initiatives, department of justice, protection of whistle-blowers, media role, among others.

Chief Executive Officer of the Nigerian Financial Intelligence Unit (NFIU), Mrs Hafsat Abubakar, reaffirmed the unit’s commitment to protecting Nigeria’s financial system from abuse.

Represented by the General Counsel, NFIU, Felix Obiamalu, she praised UNIABUJA’s efforts and called for deeper collaboration to strengthen the university’s Law faculty in understanding money laundering, terrorism financing and related offences.

Another speaker, Dr Sam Onyeka, highlighted the ongoing impact of money laundering and terrorism financing in Nigeria, referencing last week’s terrorist attacks in Gwoza, Borno State.

Onyeka, a certified anti-money laundering expert, in his paper, ‘Money Laundering and Terrorism Financing’, said money laundering and terrorism financing were serious crimes.

While admitting that Nigeria made significant progress by enacting relevant laws according to the Financial Action Task Force (FATF) stipulations to address the menace, the expert said, “If the banks want money laundering to end, it will end because all the money goes to the banks.

“We want the bank to help us. The regulators also need to be trained and retrained to be ahead of the banks.”   Acting Vice-Chancellor, UNIABUJA, Prof Aisha Maikudi, declared that money laundering and terrorism financing were global challenges that threatened the nation’s security and undermined financial systems.

According to Maikudi, the role of lawyers in the fight against money laundering and terrorism is indispensable. The Acting VC however highlighted the devastating impact of the illicit activities on the country and urged legal professionals to play a pivotal role in addressing the challenges.