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Experts Warn of Rising Threats from Money Laundering and Terrorism Financing

Katsina City News
07 Jul, 2024
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At a public lecture in Abuja on Wednesday, experts including lawyers, anti-money laundering crusaders, and academics highlighted money laundering and terrorism as major challenges undermining economic development in developing nations, particularly Nigeria.

The event, organized by the University of Abuja in collaboration with the University of California, San Francisco, focused on the theme "Combating Money Laundering and Terrorism Financing in Developing Economies."

Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, represented by the Director of Legal Services, Mr. Sylvanus Tahir, emphasized that money laundering and terrorism financing are cross-border offences affecting all countries. He noted that criminals often operate across jurisdictions, underscoring the importance of international expertise in tackling these issues.

Mr. Olukoyede highlighted the EFCC's success in convicting individuals for money laundering, noting that not all cases are high-profile and thus may not receive widespread attention. He reaffirmed the EFCC's commitment to combating money laundering and terrorism financing, assuring Nigerians that the agency is well-equipped to fight all economic crimes.