MONEY LAUNDERING, TERRORISM FINANCING IN NIGERIA
Keywords:
MONEY LAUNDERING, TERRORISM FINANCING, NIGERIAAbstract
Money laundering according to Black’s law dictionary (9th) i – The act of transferring illegally obtained money through legitimate people or accounts so that its original source cannot be traced. The word launder simply means to clean i.e. money laundering simply means cleaning of money. One cannot clean what is in its nature clean. However, cleaning is a necessity to something dirty. Money laundering can be traced to mafia groups who acquired money from gambling, extortion, prostitution, illegal source and distribution of liquor.ii Money laundering is a form of organised crime. iii According to Interpol, alternative remittance system distinguishing system of ethnic money laundering in Interpol member countries on the Asian continentiv The major source of income of organised crime are prostitution, human trafficking, illicit drug, gambling, pornographyv advance fee scam and embezzlement of public fund. However, money laundering is a means used to conceal funds. According to the Vienna Convention and the Palermo Convention provisions on money laundering, it may encompass three distinct alternative actus .
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i Bryan A. Garner, WEST, A Thomson Reuters business, 2009
ii The mafia use laundry as a means to legitimise their money, the Al Capone laundromats are said to be the
origin of money laundering, legitimising the proceeds of crime through cleaning at the laundromat. Duthel H,
professional politics & Crime, international Money Laundering (2008)
iii It involves a permanent association established to execute criminal activities through the application of means
of techniques commonly agreed on
iv >> http://www.interpol.int/Public/FinancialCrime/MoneyLaundering/EthnicMoney/default.asp
v Siegal Larry J, Criminology, Belmont, CA, 2008
vi Anti-Money Laundering/Combating the Financing of Terrorism – Topics >>
http://www.imf.org/external/np/leg/amlcft/eng/aml1.htm
vii Mitsilegas V.,” Money Laundering Counter Measures in the European Union: A New Paradigm of Security
Governance Versus Fundamental Legal Principle (Kluwer Law International, New York, 2003
viii Paul Allen Schott, Reference Guide to Anti-Money laundering and Combating the financing of Terrorism (2nd
Edn, World Bank 2006)
ix >> https://dailypost.ng/2018/07/12/buhari.signs-nigerian-financial-intelligence-unit-bill-law/ (accessed 1-04-
2020)
x Combating Money Laundering and the Financing of Terrorism: A Comprehensive Training Guide, World
Bank Publication, Washington DC (2009)
xi Ibid, J. Walters and Other, Anti-Money Laundering and Counter-terrorism financing across the globe: A
Comparative study of regulatory action, AIC Report, Research and Public Policy Series 113, Australian Institute
of Criminology (2011)
xii Section 2(3) Money Laundering (Prohibition) Act 2011 (as amended); (4) The Nigeria Custom Service shall
report a declaration made pursuant to subsection (3) to the Central Bank of Nigeria
xiii EFCC receives $375,000 cash intercepted at the Kano Airport, Sahara Reports March 07, 2018 >>
http://saharareporters.com/2018/03/07/efcc-receives-375000-cash-intercepted-kano-airport and Skift Corporate,
Nigeria is cracking down on passengers leaving Lagos airport with excessive amount of cash >>
xiv Business Mirror, Money Laundering in the Insurance Industry by Dennis B. Funa (May, 3 2016) >>
https://businessmirror.com.ph/2016/05/03/money-laundering-in-the-insurance-industry/
xv Ibid
xvi The Financial Action Task Force (FATF) Report, Money Laundering and Terrorism Financing in the
Securities Sector, October 2009
xvii Ibid
xviii Ibid
xix Ibid
xx Ibid
xxi Ibid
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