• Over one million illegal operators still active, says ABCON
Illicit Financial Flows (IFFs) out of Nigeria may not subside unless the Central Bank of Nigeria (CBN), takes a bold step in designing preventive measures and enforcing regulations that would curb commercial banks and individuals arbitrariness engaged in the crime.
The stakeholders, who gathered in Abuja, yesterday, to explore new frontiers in Nigeria’s anti money-laundering regime through effective use of data, alleged that the apex bank has not done enough in combating money laundering.
The Executive Director, Civil Society Legislative Advocacy Centre, Auwal Musa, insisted that money laundering and illicit financial outflows from Nigeria, which now hovers around $17 billion requires urgent action from CBN.
“Given its role as the regulator, it has the responsibility to regulate all the banks and monitor them, as well as ensuring that there is compliance. We have not seen much of that happening, because if it is…
Source: Guardian Newspaper