Nigeria faces alarming rate of money laundering per hour, Interpol says
The International Police Organisation (Interpol) Vice President for Africa, Garba Umar has disclosed that hundreds of thousands of dollars are being laundered out of Nigeria every hour.
"Evidence has shown that every hour, hundreds of thousands of dollars are flowing out of Nigeria to the region and across the world, laundered before it reaches the pockets of criminals to enjoy the profits of their crimes, while hardworking and honest Nigerians pay the price of crime,” Umar stated.
Umar highlighted the detrimental impact of money laundering on the country, emphasising that it leads to an increase in drugs, fraud, corruption, and violence. "Every time criminal money is successfully laundered, our financial institutions take an additional blow," he added.
He stressed the importance of collective action in combating these issues. "The only way we can move forward as a country is by working together, identifying common problems, jointly devising solutions, and taking coordinated and cohesive action. And now is the time that we need to go far, by going together," he concluded.
Umar made this known during the inauguration of a four-day training workshop for Nigerian law enforcement agencies at the Economic and Financial Crimes Commission (EFCC) Academy in Abuja, the Guardian reports.
