The Executive Director of Civil Society Legislative Advocacy Centre (CISLAC), Ibrahim Musa Auwal (Rafsanjani) has said that Nigeria still has problems investigating, prosecuting and sanctioning money laundering especially if high profile politically exposed persons are involved.
Rafsanjani who made the assertion at the regional launch of an online tool/conference to assess the anti money laundering regime in West Africa said money laundering is a cancer that dries out the resources from a rich continent stricken by poverty and deprivation.
“Around 1 trillion US Dollars of illicit financial flows leave developing countries through companies with hidden ownership according to Financial Transparency Coalition. Out of which, an estimated 15.7 billion USD pass through the Nigerian financial system every year”.
“Nigeria has become a synonym for ‘fantastic levels of corruption’ and monumental graft. Imaging that a country endowed with huge oil and gas deposits and billions of dollars in revenues per month has become the poverty capital of the world “.
He however called on the stakeholders to lend their voice to an advocacy effort to combat the global menace, according to him,they recognise their stakes and mandates in fighting money laundering, as the fight can not be won without their support and contribution.
In his goodwill message, Information Manager and Head of Country Office, Inter Governmental Action Group Against Money Laundering in West Africa, Timothy Melaye said they are targeting something that will address the challenge faced by the world.
He noted that the tracking should be fully domesticated in order to address the money laundering menace in Nigeria.
