The International Police Organisation (Interpol) said on Monday that ordinary Nigerians have become impoverished as hundreds of thousands of dollars are being laundered out of the country every hour.
Garba Umar, Interpol Vice President for Africa, disclosed this during the opening of a four-day training workshop for Nigerian law enforcement agencies at the Economic and Financial Crimes Commission (EFCC) Academy in Abuja.
This was as he said, successful laundering of criminal money leads to more drugs, fraud, corruption, and violence, thereby weakening financial institutions.
โEvidence shows that every hour, hundreds of thousands of dollars flow out of Nigeria, laundered before reaching criminalsโ pockets, allowing them to enjoy the profits of their crimes while honest Nigerians bear the brunt.”
He emphasised that the successful laundering of criminal money leads to more drugs, fraud, corruption, and violence, thereby weakening financial institutions.
However, Umar assured that the introduction of Silver Notices would make laundering illicit funds significantly more difficult worldwide.
Highlighting the theme of the workshop, Umar said, โStrengthening Capacity and Coordination against Financial Crimesโ.
He urged participants to discuss and learn about transnational crimes, identify solutions, and enhance policing capabilities to support national security and global safety.
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โThis workshop allows us to re-examine our strategies against transnational crimes, reaffirm our unity, and provide security to our citizens and the global communityโ, he said.
Umar called for greater collaboration among law enforcement agencies to ensure criminals do not profit from their illicit activities.
Echoing this sentiment, EFCC Executive Chairman Ola Olukoyede, represented by Director of Fraud Risk Assessment and Control, Francis Usani, emphasised the importance of collaboration in fighting financial crimes.
Olukoyede noted that corruptionโs complex nature could only be tackled through collective efforts, highlighting the EFCCโs impressive record of convictions and recoveries.
โOur commitment is to prevention, knowing it is easier and cheaper than investigating and prosecuting corruptionโ, he said.
Japanese Ambassador to Nigeria, Kazuyoshi Matsunaga, lauded the workshop as a significant joint initiative between Japan and Nigeria to combat financial crimes. He underscored the necessity of international cooperation in tackling border-transcending financial crimes.
โThis collaboration benefits not only Nigerians but people worldwide, including the Japaneseโ, Matsunaga said, recalling a successful joint operation three years ago that returned funds to a Japanese fraud victim.
Hafsat Bakare, Director General and CEO of the Nigerian Financial Intelligence Unit (NFIU) stressed the importance of financial intelligence in combating economic crimes.
She expressed optimism that the training would help Nigeria exit the Financial Action Task Forceโs Grey List by mid-2025.
Isaac Oginni, Director of Interpol Financial Crime and Anti-Corruption Centre (IFCACC), emphasised the need to deny fraudsters the financial gains of their crimes. He urged participants to utilise financial intelligence effectively and work collectively to fight money laundering.
The workshop, hosted by the EFCC, was organised by INTERPOL and the Japan International Cooperation Agency (JICA). It included participants from the Police, EFCC, NFIU, Nigeria Immigration Service, and Nigeria Customs Service.
