Experts including Lawyers, anti-money laundering crusaders and academics, have identified money laundering and terrorism as two of the major challenges threatening the economic development of developing nations, especially Nigeria.

They spoke in Abuja on Wednesday, during a public lecture organised by the University of Abuja in collaboration with the University of California, San Francisco, United States, with the theme; “Combating Money Laundering and Terrorism Financing in Developing Economies.”

Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, in his remark at the event, said money laundering and terrorism financing were cross-border offences that affected all countries of the world.

Represented by Director, Legal Services, EFCC, Mr Sylvanus Tahir, the anti-graft agency chair, said that various countries were affected in one way or the other with the offence of money laundering and terrorism financing.

“You may discover that those who engage in crime may be located in one jurisdiction but their activities cross the borders. So, that underscores the importance of bringing experts from abroad to come and tell us their experiences of what is happening there and how they are fighting it,” he said.

He stated that EFCC has recorded success and convicted many people over matters related to money laundering, adding that not all cases were high profile cases (involving politicians) thus many people don’t follow such cases.

While reiterating the commission’s commitment to battling money laundering and terrorism financing, he assured Nigerians that the EFCC is fully equipped to contribute to the fight against all economic crimes.“ (Sunday Vanguard)

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