FINANCE
Interpol Reveals Massive Scale of Money Laundering Out of Nigeria.
In a recent disclosure, Interpol has unveiled alarming figures regarding money laundering from Nigeria, revealing that hundreds of thousands of dollars are being siphoned out of the country every hour. This revelation came during a four-day training workshop for Nigerian law enforcement officials at the Economic and Financial Crimes Commission (EFCC) Academy in Abuja.
Garba Umar, the Vice President for Africa at Interpol, delivered the startling news, highlighting the severe global impact of money laundering. According to Umar, the illicit flow of funds not only affects Nigeria but has broader implications across the continent and the world.
“Data indicates that vast sums of money are leaving Nigeria every hour, laundered before reaching those who benefit from these illegal gains,” Umar stated. “This practice intensifies the prevalence of crime, including drug trafficking, fraud, corruption, and violence. Each instance of successful money laundering deals a significant blow to our financial institutions.”
In response to this growing threat, Interpol has introduced Silver Notices, a new tool designed to curb the laundering of illicit funds globally. Umar emphasized that these measures would make it increasingly difficult for criminals to disguise their money.
The workshop, themed "Strengthening Capacity and Coordination Against Financial Crimes," aimed to address the transnational nature of financial crimes. Umar stressed the importance of continuous training for law enforcement personnel to keep pace with evolving criminal tactics.
Participants were encouraged to engage actively in discussions about international crime and enhance their policing strategies. “This workshop is a chance to reassess our approaches to combating transnational crime, reinforce our collective commitment to security, and foster greater cooperation among our law enforcement networks,” Umar added.
EFCC Chairman Ola Olukoyede echoed the call for stronger collaboration in tackling financial crimes. Through his representative, Francis Usani, Olukoyede underlined the complexity of corruption and the necessity for a unified approach among agencies to effectively combat it. He praised the EFCC’s achievements in convictions and asset recoveries and highlighted the commission's renewed focus on prevention.
Japanese Ambassador Kazuyoshi Matsunaga praised the workshop as a significant joint effort between Japan and Nigeria. He emphasized that global financial crimes require international cooperation and expressed satisfaction with past collaborations, such as the successful repatriation of funds to a Japanese fraud victim.
Hafsat Bakare, Director General of the Nigerian Financial Intelligence Unit (NFIU), underscored the importance of financial intelligence and analysis in fighting economic crimes. She expressed hope that the training would help Nigeria exit the Financial Action Task Force’s Grey List by mid-2025.
Isaac Oginni, Director of Interpol’s Financial Crime and Anti-Corruption Centre (IFCACC), reinforced the need for a collective effort to deny criminals the financial rewards of their activities. He urged all participants to collaborate closely, likening their combined efforts to assembling a puzzle where each piece is crucial for the complete picture.
The workshop, organized by INTERPOL and the Japan International Cooperation Agency (JICA), brought together participants from various agencies, including the Police, EFCC, NFIU, Nigeria Immigration Service, and Nigeria Customs Service. This initiative marks a significant step in enhancing Nigeria’s capacity to combat financial crime through improved inter-agency coordination and international collaboration.
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