FG RE-AFFIRMS WAR ON MONEY LAUNDERING

Lagos

The federal government has vowed to intensify the war against
money-laundering, saying that it is a war all Nigerians must embark upon
and cooperate with one another in order for it to succeed.

Declaring open a two-day conference on money laundering and the Nigerian
economy held at the L'meridian Eko Hotel, Lagos, yesterday, the Vice
President Atiku Abubakar who was represented by the Justice minister, Chief
Akinlolu Olujinmi (SAN), commended the NDLEA for its leading role in the
fight against the drug scourge.

He explained that given the seriousness of the threat posed by money
laundering, "our laws have been revised and our rating has accordingly
improved, but we need to do more."

The Vice President, whose address was read by the Justice minister, said
that the FG is indeed ready and prepared to do more in terms of proper and
extensive dissemination of adequate knowledge as well as improved practices.

According to the Vice President, "money laundering is a very adverse
practice which distorts economic and fiscal indices and, more seriously,
has linkages with narcotics and other organised crimes."

He said that for us in Nigeria, money laundering is particularly heinous,
because it has contributed to giving us a less then impeccable image.

He said further that "the task of cleansing this image which we began since
assuming office in 1999, involves tackling the monster of narcotics
trafficking and its attendant tentacles of advance fee fraud, money
laundering, human trafficking and so on."

The Vice President disclosed that Nigeria has been certified for three
consecutive years for excellent counter-narcotic efforts, adding that more
needed to be done in the area of anti-money laundering.

In his address, the National Drug Law Enforcement Agency (NDLEA), boss
traced the menace of drugs and related financial problems to the Second
World War veterans who returned home with Indian hemp seedlings.

The chief executive said gradually, but steadily the problem has
degenerated into a gigantic one that has political, diplomatic, social and
economic consequences for Nigeria and Nigerians.