Nigeria is losing thousands of dollars daily to money laundering activities the International Police Organisation has revealed. INTERPOL African vice president, Garba Baba Umar, who was speaking the at the EFCC Academy, Abuja during a four-day workshop for Nigerian law enforcement agencies open, said foreign currency is being ferried out on a daily basis from Nigeria to other African countries and around the world every hour.
He said the organisation has launched what he described as “Silver Notices Against Money Laundering”, saying it is in a bid to frontally tackle the scourge of money laundering and illicit financial flows across the world, especially Africa.
“With every successful laundering of criminal money, our country becomes more prone to crime. More drugs, more fraud, more corruption and more violence. Every time criminal money is successfully laundered, our financial institutions take an additional blow…” Umar said.
Umar noted that financial crimes had become transnational and law enforcement agencies needed regular training for their workforce to be ahead of fraudsters.