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Annual money laundering amounts to $800b-$2tr globally –ACAN Provost

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By Samuel Torlumun, Anthony Maliki, Keffi

The Provost, Anti-Corruption Academy of Nigeria, (ACAN), training and research arm of Independent and Corrupt Practices and Other Related Offences Commission, (ICPC), Professor Olatunde Babawale, has said illicit financial flow and money laundering is a global challenge with grave economic consequences.

While quoting UNODC, the Provost said the estimated amount of money laundered globally in one year is equal to 5% of global GDP or $800 billion to $2 trillion.

He made the assertion while declaring open, a 3-day training workshop on “Addressing Illicit Financial Flows and Money Laundering” at ACAN, Keffi Nasarawa State, on Tuesday.

Represented by Mr. Samuel Lodan, Head of Administration, ACAN, the Provost noted that Nigeria has been a big victim of illicit financial flows and money laundering.

Making reference to the evaluation carried out by Intergovernmental Group Against Money Laundering in West Africa, (GIABA) in 2019, the Provost lamented the low rating of Nigeria in investigation and prosecution of money launders, adding that it has become imperative for the country to respond effectively in that regard.

“This capacity building workshop is therefore the direct outcome of the unwelcome assessment and it represents one of the series of capacity building efforts by the Academy as grenade to illicit financial flows and money laundering”, he stated.

Prof. Babawale further stated that the Academy has done so much in building the capacity of public officers, and private sector practitioners and will continue to apply contemporary strategies to advance its mandate.

He however pointed out that, though the massive trainings have been done to combat the global menace, but giving the dynamism of illicit financial flow and money laundering in the face of technological advancement, so much still need to be done.

The 3-day training workshop has drawn corruption, fraud and cybercrime investigators, fraud examiners, prosecutors, accountants, auditors, financial officers, compliance officer, internal control officers, and officers in similar roles in Federal and State MDAs.

According to the Provost the issues of discussions in the training programme has been carefully put together to ensure maximum learning by the participants.

“The learning objective has been formulated to ensure that participants are equipped with requisite knowledge that will further sharpen their investigation, and where applicable, prosecutor’s skills, so that succeeding in matters involving illicit financial flows and money laundering can be handled.

“This way we believe that the foundation for sustainable war on corruption are being laid,” said the ACAN boss.

He therefore appealed to participants to take advantage of the learning sessions, share experience and improve on their skills.

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