Why fight against money laundering, terrorism is low in West Africa, NFIU boss

The fight against money laundering and counter terrorism financing has remained low in West Africa due to weak governance structure, poor institutional framework, inadequate laws and unstable system of administration, Chief Executive officer, Nigerian Financial Intelligence Unit (NFIU), Modibbo Hamman Tukur has said.

He explained however that engaging youths against organized crimes such as money laundering through targeted attitudinal changes would go a long way in strengthening the system.

Speaking in Enugu yesterday at the third Inter University Speech contest held at the University of Nigeria, Enugu, Tukur observed that West Africa region had been devastated by the scourge, adding that youths form the largest breeding ground as they easily fall prey at the hands of the perpetrators. He told participating students drawn from The Gambia, Liberia, Nigeria and Sierra Leone among others that youths are used to fuel offences like prostitution, illicit drug trafficking and sexual exploitation for easy money. Explaining that the region was greatly threatened, he said that “the combative efforts of various organizations involved in anti money laundering and countering of terrorism financing have not stemmed the tide”, hence the need to engage the youths.

He said the competition provided opportunity for the youths to become ambassadors in the fight as they embarked on advocacy among their peer groups.

Also speaking, Director general of Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA), Justice Kimelabalou Aba, said that educational institutions are considered logical places for the early intervention of variety of social ills.

As reported from guardian

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Categories: BUSINESS, NIGERIA

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