EFCC: $129bn Fraudulently Transferred out of Nigeria in 10 Years

Posted: November 27, 2013 in The Economy

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The  Economic and Financial Crimes Commission (EFCC) Tuesday said about $129 billion (N20.6 trillion) was fraudulently transferred out of Nigeria in the last 10 years through various sources.

The commission, quoting Global Financial Integrity, based in Washington D.C., cited some of the sources to include  tax avoidance, corruption, tax evasions, illegal mining activities, drugs and human trafficking.

In 2012 however, the commission collaborated with the Nigeria Customs Service (NCS) to address illicit financial flows out of the country  and recovered about $13 million suspected to be proceeds of criminal activities.

EFCC Chairman, Mr. Ibrahim Lamorde, made these disclosures in Abuja at the opening of a regional workshop on “Improving Cash Transactions Reporting Regime in the Designated Non-financial Businesses and Professions (DNFBPs) and cross border cash and bearer negotiable instruments movements for North and West African countries.
The seminar was organised by the Swiss Confederation and the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA), in conjunction with the federal  Government of Nigeria.

Lamorde also cited a report by the  Nigerian Financial Intelligence Unit (NFIU), located within EFCC, as having estimated that $25.4 billion, comprising cash and  financial instruments,  were moved out of Nigeria through the borders between 2009 and 2013.
“While these figures may not necessarily be indicative of the proceeds of crime, they do however show how the AML/CFT vulnerabilities associated with cash movements,” he said

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