$500BN LAUNDERED ANNUALLY UNODC

Lagos

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