By Blaise Udunze
NIGERIA and multinational companies continue to lose huge sums of funds through different fraudulent transfers and poor compliance systems in some banks just as experts stressed the need for stronger collaboration between financial institutions, governments as well as other stakeholders, in order to combat the financing of terrorist organisations and their money laundering channels.
In a presentation titled: Beyond Anti-Money Laundering and Terrorism Funding Law(s), at the annual Access Bank Plc 2015 Compliance Week in Lagos, the Managing Director, MOSECON Africa, Mr. Uzoma Kingsley, noted that the 21st century, also known as the digital age, is characterised by the cancer of terrorism and illicit money laundering activities.
According to him, financial institutions are hubs for funds distribution, storage and at the same time victims of circumstances.
He listed the Financial Action Task Force (FATF), IMF, the World Bank, the Interpol, FBI among others, as key institutions leading the war against the illicit activities. He argued that the FIU has the potentiality to weaken the illicit enterprise economic muscle.
Source : SunOnline