Flow of illicit funds fuelling insecurity – International IDEA

The International Institute for Democracy and Electoral Assistance (International IDEA) has stated that the inability of Nigeria to end the flow of illicit money in the Nigerian economy is enabling insecurity to thrive. The Project Manager of Anti-corruption and Rule of Law of IDEA, Emmanuel Eche, during the launch of its Anti-Money Laundering/Counter-Terrorist Financing/Countering the […]

The International Institute for Democracy and Electoral Assistance (International IDEA) has stated that the inability of Nigeria to end the flow of illicit money in the Nigerian economy is enabling insecurity to thrive.

The Project Manager of Anti-corruption and Rule of Law of IDEA, Emmanuel Eche, during the launch of its Anti-Money Laundering/Counter-Terrorist Financing/Countering the Proliferation of Weapons of Mass Destruction AML/CFT/CPF Strategy 2023-2027, Inter-Ministerial Committee (IMC) Workshop  in Abuja, said the country needs to adopt a new strategy to end the flow of illegal funds.

He said, “There is a system that fuels insecurity in the country and that is the opacity of moving illicit funds, intelligently in a way to sponsor terrorists and kidnappers. For kidnappers, how do they move it through the financial system and use it to build houses, hotels and do other things.”

Eche noted that if anti-money laundering and countering the financing of terrorists’ strategy is in place in the country, it will ensure that such crimes are reduced to the barest minimum and improve Nigeria’s rating and confidence that the government can control the economy.

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“How illicit money is handled here will improve our rating in terms of attracting foreign investments into our country. The strategy we are presenting is one that is important because its lack and implementation is one of the reasons Nigeria has been listed in the grey area by the International Financial Action Task Force,” he said.

On his part, the Associate Director, Analysis and Compliance Directorate of the Nigerian Financial and Intelligence Unit (NFIU), Muhammed Jiwa, said the department has discovered the flow of billions of naira out of Nigeria while millions of dollars of illicit funds have found their way into the Nigerian financial system.