BNW

B N W: Biafra Nigeria World News

$500bn Laundered Annually UNODC Representative of United Nation Drug Control Organisation (UNODC) in Nigeria, Mr. Paul Salay, has confirmed that over $500 billion is laundered annually over the world with $280 billion of the amount accounting for drug trade just as he commended the effort of Nigerian government in combating money laundering. Revealing this information yesterday in Lagos during the opening ceremony of a two-day national seminar titled, "Repositioning the Compliance Officer in the Due Administration of the Money Laundering Prohibition Act 2004," organised by National Drug Law Enforcement Agency (NDLEA), Salay said criminals with enormous pool of illegal wealth have taken over financial institutions and acquired control of large sectors of the economy through investments or offer of bribes to public officers, adding that the resultant effect is that these criminals end up exerting strong socio-economic and political influence over the affairs of the nations. Stressing that the evil of money laundering is evident in many nations of the world today, Salay pointed out that these set of people propagate low ethical norms and values, encourage the continuity of criminal activities and weakening the social fabric of society, saying the result is the damaging effect on societal institutions. He reiterated that until very recently, money laundering was confined to activities associated with the legitimisation of the proceeds of the drug trade adding that the focus has shifted as it now encompass all serious crimes covering the drug dealer and his cash proceed, embezzlement, insider trading, bribery, computer fraud schemes and of late terrorism. Salay pointed out that with such ambit, money laundering has indeed grown to become a monster that must be curtailed if honesty, fairness, justice and equity must hold sway in day to day existence. Commending the Federal Government effort in combating money laundering, Salay stated that the establishment of institutions like NDLEA, Independent Corrupt Practice Commission ( ICPC), Economic and Financial Crime Commission (EFCC), legislation on Failed Banks Recovery and other financial malpractice in Banks Act No 18 of 1994 are milestones that have singled out the country as a nation desirous in curtailing the menace Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

	BNW News
Voice of Biafra | Biafra World | Biafra Online | Biafra Web | MASSOB | Biafra Forum | BLM | Biafra Consortium
	© 2001 BNW BiafraNigeriaWorld  Privacy Policy ---------------------------------------------------------------------------------- Powered by ACENetwork ----------------------------------------------------------------------------------
	Axiom PSI Yam Festival Series, Iri Ji Nd'Igbo the Kola-Nut Series,Nigeria Masterweb