Hehehe....A former Chairman of the Economic and
Financial Crimes Commission, Mr. Nuhu Ribadu, on Wednesday alleged that a
lot of investments being done in the country were from funds earned
through illegal activities.
He also identified illicit financial
activities such as terrorism financing and money laundering as a major
challenge affecting the country’s quest for development.
Ribadu spoke in Abuja at the 2nd
Anti-money laundering/combating financial terrorism stakeholders’
consultative workshop organised by the Association of Certified
Anti-Money Laundering Specialist.
He
said Nigeria had yet to maximise its potential owing to terrorism
financing and other money laundering activities, noting that the trend
was making the country to lose huge funds.
He said. “Everything that is wrong about
Nigeria has to do with dirty money. If you can follow it, get it back
and punish these people, then you have cured the problem of Nigeria.
“When I look around, I see a lot of
investments done with dirty money. Government needs help in identifying
and arresting these people. Though it may seem like a daunting task,
with professionals like ACAMS, Nigeria is poised to achieve this.”
Ribadu said there was a need for
collaboration between relevant stakeholders to fight money laundering
and curb terrorism financing.
He called for the building of a strong
anti-graft institution to spearhead the fight against money laundering,
adding that the restructuring of the banking sector had helped to
restore confidence in the Nigerian economy.
He said, “In 2003, Nigeria was on the blacklist of most developed countries especially the US for money laundering.”
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