Experts seek implement of supervisory regime to combat money laundry

By Bamidele Ogunwusi /  Lagos


Records from the International Monetary Fund (IMF) have shown that between 2 to 5 per cent of the world’s gross domestic products (GDP) is laundered yearly, estimated to be about $980 billion – $1.5 trillion in monetary terms.

Project Coordinator (Anti-corruption) of the United Nations Office on Drugs and Crimes, Bala Sanga, who made this disclosure at the Chartered Institute of Bankers of Nigeria’s, (CIBN) Anti-Money Laundering workshop, explained that money laundering and terrorist financing pose serious threats, which emanate from illicit activities in banking, monetary or other economic operations.

He however, lamented that countries without Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) laws and corrupt countries are fertile grounds.

According to him, the absence of AML/CFT laws increases crime and corruption while at the same time affecting negatively foreign investment, weakens the financial sector and damages the economy and private sector.

Sanga affirmed that an effective AML/CFT regime cures the defects of associated with ineffectiveness.

In his paper titled, “New International Initiatives in Combating Money Laundering” the Acting Director of Nigerian Financial Intelligence Unit (NFIU), Francis Usani, disclosed that with some level of technical assistance from the IMF Nigeria is working assiduously to develop a risk-based approach to AML/CFT supervision.

Source : Independent

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