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ICPC charges W’African nations on collaboration against money laundering, terrorism financing

By Tina Abeku and Joseph Chibueze, Abuja
03 November 2021   |   4:09 am
Chairman of the Independent Corrupt Practices and other related Offences Commission (ICPC), Prof. Bolaji Owasanoye, has called on West African countries to collaborate against money laundering and terrorism financing currently posing both political...

Prof. Bolaji Owasanoye

•FG moves to counter both economic evils
Chairman of the Independent Corrupt Practices and other related Offences Commission (ICPC), Prof. Bolaji Owasanoye, has called on West African countries to collaborate against money laundering and terrorism financing currently posing both political and economic challenges to the sub-region.

He made the call in his keynote address at the fourth yearly public awareness lecture series on Anti-money Laundering/Combating the Financing of Terrorism (AML/CFT) that held yesterday at the Nile University of Nigeria, Abuja.

He described money laundering and corruption as being among the greatest challenges facing the sub-region, adding that the failure of governance in West Africa was traceable to the activities of money launders and terrorism financiers.

The lecture was organised by the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) to sensitise members of the academic community on the phenomena.

SIMILARLY, the Federal Government has said thenceforth, all paramilitary agencies and other security stakeholders would synergise with the Nigerian Financial Investigation Unit (NFIU) in combating both economic evils.

Minister of Interior, Rauf Aregbesola, who was speaking at a three-day capacity building workshop in Abuja, said the government had taken note of the “serious threats posed by money laundering on our financial system with its propensity for undermining the integrity of our financial system and legitimate businesses.”

He added: “The major policy thrust of this administration is improving the economy and tackling the challenge.”

NFIU’s Director General/ Chief Executive Officer, Modibbo Tukur, said the agency had developed a system of monitoring and identifying money launderers and terrorist groups known as the Crime Report Investigation Management system (CRIMS).”

He said interagency collaboration was key to the success of CRIMS and if effectively applied, “by March and April 2022, crimes like kidnapping will be tackled.”