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LequteMan
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The Economic and Financial Crimes Commission (EFCC) has said in nine years, $182 billion was siphoned from the country and laundered.
Its Head, Legal and Prosecutions, Lagos Zonal Office, Kwarbai Latong who spoke yesterday at a media briefing in Lagos on anti-money laundering and counter-financing of terrorism, said the figure was compiled by the United States based Global Financial Integrity, relying on data from the World Bank and the International Monetary Fund (IMF).
The forum was organised by The Intergovernmental Action Group against Money Laundering in West Africa (GIABA).
Latong said Nigeria ranked eight out of 20 countries notorious for illicit financial outflows, adding that the proceeds of money laundering are infused into the financial system and transferred to other locations and/or financial institutions followed by the integration of the funds into the legitimate economy as “clean” money in various business ventures and/or assets
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Source: The Nation
Its Head, Legal and Prosecutions, Lagos Zonal Office, Kwarbai Latong who spoke yesterday at a media briefing in Lagos on anti-money laundering and counter-financing of terrorism, said the figure was compiled by the United States based Global Financial Integrity, relying on data from the World Bank and the International Monetary Fund (IMF).
The forum was organised by The Intergovernmental Action Group against Money Laundering in West Africa (GIABA).
Latong said Nigeria ranked eight out of 20 countries notorious for illicit financial outflows, adding that the proceeds of money laundering are infused into the financial system and transferred to other locations and/or financial institutions followed by the integration of the funds into the legitimate economy as “clean” money in various business ventures and/or assets
click here to read more
Source: The Nation