The Adequacy of the Legal Framework for Combating Money Laundering and Terrorist Financing in Nigeria
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Date
2023
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Emerald
Abstract
Banditry and terrorism constitute serious security risks in Nigeria. This follows the fact that Nigeria is rated as one of the leading states in the world that is plagued by terrorism. Terrorists and bandits usually embark on predicate crimes such as kidnapping, smuggling, narcotics trade, and similar trades to finance their terrorist enterprises in Nigeria. The funds realized by criminals from nefarious sources such as sales of narcotics and ransom from kidnapping are usually laundered to make their criminal enterprises self-sustaining. Thus, all “dirty” money is laundered so as not to attract the attention of law enforcement agents. The funds realized through receipt of ransom from kidnapping, smuggling or funds from sponsors are laundered through channels such as bureau de change, which are difficult to monitor by the Nigerian authorities due, in part, to flaws and loopholes in the current anti-money laundering and anti-terrorist laws. This paper aims to adopt a doctrinal and qualitative desktop research methodology. In this regard, the current anti-money laundering and anti-terrorist laws are discussed to explore possible measures that could be adopted to remedy the flaws and loopholes in such laws and combat money laundering and financing of terrorism in Nigeria.
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Chitimira, H. & *Animashaun, O.*(2023): The Adequacy of the Legal Framework for Combating Money Laundering and Terrorist Financing in Nigeria. Journal of Money Laundering Control 26 (7): 110-126, Published by Emerald. Available online at https://www.emerald.com/jmlc/article/26/7/110/238189/The-adequacy-of-the-legal-framework-for-combating.