INTERPOL warning about the extent of money laundering in Nigeria

The International Police Organisation (INTERPOL) warned on Monday about the extent of money laundering in Nigeria, revealing that “hundreds of thousands of dollars” are illegally transferred out of the country every hour to various African nations and other parts of the world.

The organisation stressed that concerted efforts from security agencies across Nigeria and the world are needed to combat the pressing issue of money laundering.

Garba Baba Umar, INTERPOL Vice President for Africa, made this announcement at the start of a four-day workshop at the EFCC Academy in Abuja on Monday.

He introduced the “SILVER NOTICES AGAINST MONEY LAUNDERING,” a new initiative to combat illicit financial flows (IFF) and make it harder for criminals to launder money.

• https://dailytimesng.com/interpol-launches-silver-notices-against-money-laundering/
• https://gfintegrity.org/issue/illicit-financial-flows/

Umar emphasised that successful money laundering boosts crime rates, including drug trafficking, fraud, and corruption, and harms financial institutions.

The workshop, themed “STRENGTHENING CAPACITY AND COORDINATION AGAINST FINANCIAL CRIMES,” aims to address the challenges of fighting transnational financial crimes and to reassess strategies.

• “Evidence has shown that every hour, hundreds of thousands of dollars are flowing out of Nigeria to the region and across the world, laundered before it reaches the pockets of criminals to enjoy the profits of their crimes, while the hardworking and honest Nigerians pay the price of crime.
• “With every successful laundering of criminal money, our country becomes more prone to crime. More drugs, more fraud, more corruption and more violence. Every time criminal money is successfully laundered, our financial institutions take an additional blow…” Umar said.

Umar stressed the need for continuous training to stay ahead of fraudsters.

EFCC Chairman Ola Olukoyede, represented by Director Francis Usani, reiterated the importance of collaboration in fighting corruption. He noted that complex financial crimes require joint efforts from all stakeholders.

Japanese Ambassador Kazuyoshi Matsunaga called the workshop a crucial partnership between Japan and Nigeria. He stated that financial crimes are global and need international cooperation to tackle.

Also speaking during the workshop, Hafsat Bakare, Director-General of the Nigerian Financial Intelligence Unit (NFIU), also underscored the need for enhanced financial intelligence and analysis to combat economic crimes.

The workshop aims to improve the interconnected efforts of law enforcement against organised and cybercrime.

Sources

• https://newscentral.africa/nigeria-faces-monstrous-money-laundering-crisis-interpol/
• https://newscentral.africa/efcc-urges-banks-compliance-officers-to-combat-corruption-and-money-laundering/
• https://leadership.ng/interpol-launches-silver-notices-against-money-laundering/