Terrorism financing, money laundering bane of economic development, says Aregbesola

Minister of Interior, Rauf Aregbesola, has listed financial terrorism and money laundering as key financial crimes militating against national economic development.

The minister while setting up a 10-man inter-ministerial committee for the adoption and implementation of the Financial Action Taskforce, (FATF) of the ministry at the weekend, said a lot of the security issues facing Nigeria are attributable to the activities of economic saboteurs.

In a communique, Aregbesola said that “money laundering undermines the legitimate private sector and the integrity of financial markets, loss of control of economic policy and causes economic distortion and instability as well as loss of revenue, among other untoward consequences”.

He said “Some of the security challenges we face at the moment could be resolved if the financial lifeline of the actors are cut off. That some of them are still in business suggests strongly that they have strong internal or external financial linkages.

Aregbesola explained that these saboteurs indulge in illegal financial dealings to the detriment of the country by providing financial lifelines to terrorist groups.

“Let me reiterate the Federal Government’s unflinching commitment to the eradication of money laundering, financing of terrorism and related corrupt practices. This has made us willing and an active partner with other African and indeed global partners in this advocacy and fight,” said Aregbesola.

The minister also charged the committee, headed by the Permanent Secretary of the ministry, Dr Shuaib Belgore; to work diligently to deliver on the terms of reference assigned to them to enable the country to achieve standards that would its FATF and International Cooperation Review Group (ICRG) ratings.