A stark warning has been sounded by the International Criminal Police Organisation (Interpol) that Nigeria is hemorrhaging billions of dollars every day due to money laundering. Speaking at a workshop for law enforcement agencies at the Economic and Financial Crimes Commission (EFCC) academy in Abuja, Garba Umar, Interpol’s vice-president for Africa, revealed that “thousands of dollars” are laundered out of the country every hour.
The alarming rate of money laundering is causing serious financial instability in the country, with the proceeds of crime flowing into the hands of criminals who are using it to perpetuate more fraud, corruption, and violence. According to Umar, every successful laundering of criminal money makes Nigeria more prone to these vices, further eroding the trust in its financial institutions.
To combat this menace, Interpol is set to launch a new initiative called “Silver Notices”, which aims to make it more difficult for illicit funds to be laundered across the globe. Umar emphasized that financial crimes are transnational in nature and require regular training for law enforcement agencies to stay ahead of fraudsters.
In a similar vein, Ola Olukoyede, chairman of the EFCC, underscored the importance of collaboration in fighting financial crimes. Represented by Francis Usani, director of fraud risk assessment and control at the EFCC, Olukoyede noted that the fight against corruption is complex and requires the support of stakeholders. He emphasized that the daunting nature of corruption demands serious collaboration among organizations fighting against it.
The workshop is seen as an opportunity for security agents to reassess their strategies and reaffirm their commitment to providing security to Nigerian citizens and the global community. The warning from Interpol serves as a stark reminder of the need for Nigeria’s law enforcement agencies to intensify their efforts in combating financial crimes and money laundering.
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