Experts Advocate Joint Action against Money Laundering, Terrorism Financing

Raheem Akingbolu

Experts including Lawyers, anti-money laundering crusaders and academics, have identified money laundering and terrorism as two of the major challenges threatening economic development of the developing nations, especially Nigeria.

They spoke in Abuja yesterday  during a public lecture organised by the University of Abuja in collaboration with University of California, San Francisco, United States, with the theme;  “Combating Money Laundering and Terrorism Financing in Developing Economies.”

Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, in his remark at the event   said money laundering and terrorism financing were cross border offences that affected all countries of the world.

Represented by Director, Legal Services, EFCC, Mr Sylvanus Tahir,  the anti-graft agency chair, said that various countries were affected in one way or the other with the offence of money laundering and terrorism financing.

“You may discover that those who engage in crime may be located in one jurisdiction but their activities cross the borders. So, that underscores the importance of bringing experts from abroad to come and tell us their experiences of what is happening there and how they are fighting it,” he said.

 He stated that EFCC has recorded success and convicted many people over matters related to money laundering, adding that not all cases were high profile cases (involving politicians) thus many people don’t follow such cases.  

While reiterating the commission’s commitment to battling money laundering and terrorism financing, he assured Nigerians that the EFCC is fully equipped to contribute to the fight against all economic crimes.

The guest speaker at the event, who is also the Deputy District Attorney of Alameda County, California, Demarris Evans,  pointed out that money laundering and corruption are not confined to developing countries but are also prevalent in developed nations like the United States(US).

She cited numerous corruption cases in the US and stressed the importance of transparency initiatives, new legislation, whistleblower protection, and investigative journalism to address these issues.

Evans, in her paper titled, ‘Government Corruption in the United States’, said that if individuals did not know what was happening in the government, they would not be able to hold anyone accountable.

She highlighted some causes of government corruption in the US to include; wealth inequality, lack of oversight, weak institutions, lack of accountability, public apathy and cultural acceptance.

She said that these problems could be combated through the provision of anti-corruption laws, transparency initiatives, department of justice, protection of whistle-blowers, media role, among others.

 Chief Executive Officer of the Nigerian Financial Intelligence Unit (NFIU), Mrs. Hafsat Bakari Abubakar, reaffirmed the NFIU’s commitment to protecting Nigeria’s financial system from abuse.

Represented by the General Counsel, NFIU, Felix Obiamalu, she praised UniAbuja’s efforts and called for deeper collaboration to strengthen the university’s law faculty in understanding money laundering, terrorism financing, and related offences.

“We recognise the establishment of a specialized program (‘Law Clinic’) at the Faculty of Law, aimed at providing hands-on legal education and experiential learning. This initiative trains problem-solving lawyers with expertise in the Anti-Money Laundering and Terrorist Financing Regime,” Abubakar said.

Another lead speaker, Dr. Sam Chukwuka Onyeka, highlighted the ongoing impact of money laundering and terrorism financing in Nigeria, referencing recent terrorist attacks in Gwoza, Borno State.

Onyeka,  a certified anti-money laundering expert, in his paper on ‘Money laundering and Terrorism financing, said that money laundering and terrorism financing were serious crimes.

Onyeka said that for Nigeria to fight corruption, they must also fight money laundering, adding that money laundering helped corruption to thrive.

He said the reason why most people are poor in this part of the world was because of money laundering.

“The fact is that the developing economy appears to be in trouble because their laws are weak and their public institutions are also weak on account of corruption but in America it is not so,” he said.

He said there was a need for regulatory bodies to work with lawyers in the bid to fight corruption in Nigeria.

Onyeka, who said the Nigerian academic community also lost five lecturers within a week because of terrorist attacks, said there is need to redouble efforts to curtail terrorism financing and money laundering in the country.

While admitting that Nigeria has made significant progress by enacting relevant laws according to the Financial Action Task Force (FATF) stipulations to address the menace, the expert  said banks have a major role to play in ensuring the activities of money launders are thwarted.

“If the banks want money laundering to end, it will end because all the money goes to the banks.

“We want the bank to help us. The regulators also need to be trained and retained to be ahead of the banks,” Onyeka said.

Earlier, the Acting Vice-Chancellor, UniAbuja, Prof. Aisha Maikudi, had declared that money laundering and terrorism financing were global challenges that threatened the nation’s security and undermined the financial systems.

According to Maikudi, the role of lawyers in the fight against money laundering and terrorism is indispensable.

“Money laundering and terrorism financing are global challenges with profound implications for our nation’s security, economic stability, and societal well-being.

“These illicit activities not only fuel crimes and corruption but also undermine the very foundations of our legal and financial systems.

“In this context, the role of lawyers is indispensable. Lawyers are the gatekeepers of justice, entrusted with the responsibility to ensure that the rule of law prevails.

“Law profession is uniquely positioned to identify, prevent, and combat these threats through rigorous legal practices, ethical standards, and unwavering commitment to transparency and accountability,” she said.

She said that the lecture provided an invaluable opportunity to deepen understanding of the complexities surrounding money laundering and terrorism financing.

The acting VC however highlighted the devastating impact of these illicit activities on the country and urged legal professionals to play a pivotal role in addressing these challenges.