MONEY LAUNDERING AND UNDERDEVELOPMENT IN NIGERIA: A CRIMINOLOGICAL RE-APPRAISAL

Oluyinka Olutola OLAJIRE

Abstract

Money laundering, one of the most typical financial crimes globally, is an organised and transnational crime that has ravaged Nigeria's economic growth and development. It is a sort of crime that is difficult to detect due to the flexibility and adaptability of its operations, the vast amount of money at the disposal of those involved in it, the ingenuity of its operators, the adoption of the latest technological know-how by launderers, and the characteristic of the perpetrators, who are constantly pursuing profits and the opportunity to foray into new areas of criminal activity. Nigeria has had and still has its share of money laundering issues perennially. Indeed, the problem is becoming more intractable partly due to the many loopholes in the legal and regulatory mechanisms formulated to tackle it and the lackadaisical approach of the operators and enforcers of regulations responsible for nipping the problem in the bud. Coming from this background, this article relying on secondary sources of data collection puts forward a criminological reevaluation of the emergence, magnitude, and ‘modus operands’ of money laundering in Nigeria. The paper further highlights the country's nexus between money laundering and underdevelopment.

Keywords

Money laundering, Underdevelopment, Crime, Criminological Assessment, Nigeria

Full Text:

PDF

References

Adekunle, S.B. and Alokpa, A. (2020). Corruption, Money Laundering and Nigeria’s Economic Development. FUDMA Journal of Politics and International Affairs (FUJOPIA). A Journal Publication of the Department of Political Science, Federal University Dustin-Ma, Katsina- Nigeria. 3 (2).

Alawiye-Adams, AdewaleAdegoke and Ibitoye, Olusola, (2013). Combating Money Laundering in Nigeria: Challenges and Suggested Solutions. Available at SSRN: https://ssrn.com/abstract=2352159 or http://dx.doi.org/10.2139/ssrn.2352159

Elumelu, T., (2007), “Money Laundering: EFCC set to name erring banks…US$600m laundered annually UBA Boss, Vanguard, August 28.

Erik S., (2015). "Illicit Financial Flows and Development", in Illicit Financial Flows: The Most Damaging Economic Condition Facing the Developing World pp. 123–136, Global Financial Integrity supported by Ford Foundation

Kato Gogo Kingston(2020). Concealment of Illegally Obtained Assets in Nigeria: Revisiting the Role of the Churches in Money Laundering African Journal of International and Comparative Law Edinburg University Press. 28(1).

L. Y. Gelemerova(2011). The Anti-money Laundering System in the Context of Globalisation: A Panopticon Built on Quicksand? (Wolf Legal Publishers (WLP)).

McDowell &Novis(2001). The consequences of money laundering and financial crimes. Economic Perspectives. An Electronic Journal of the US Department of State. 6(2).

Morris-Cotterill, N. (1999). Money Laundering, Risk Management and Compliance. [Online]. Available at: http://www.countermoneylaundering.com/public/content/brief-history-money-laundering

Nigerian Money Laundering (Prohibition) Act, (2011),” Section 15. accessed March 6, 2022, http://nass.gov.ng/document/download/5943

NorhashimahMohdYasin, (2007). Legal Aspects of Money Laundering in Malaysia from the Common Law Perspective (Lexis Nexis).

Okauru, A B., (2006). EFCC Raises Alarm Over Money Laundering", The Guardian, March 2.

Oluwadayisi, A.O, and Mimiko M.O (2016). Effects of Money Laundering on the Economy of Nigeria.Beijing Law Review, 7,158-169. http://www.scirp.org/journal/blr http://dx.doi.org/10.4236/blr.2016.

Onyiliogwu, Ike, (2018). "Money Laundering by Politically Exposed Persons in Nigeria: Consequences and Combative Measures". Economic Crime Forensics Capstones. 29. https://digitalcommons.lasalle.edu/ecf_capstones/29

R. Uribe, (2003). 'Changing paradigms on money laundering. The Observer News – Second Quarter, Inter-American Observatory on Drugs, September 12 2003.

Raymond W Baker, (2013). “The Scale of the Global Financial Structure Facilitating Money Laundering” in Brigitte Unger &Daan van derLinde, eds, Research Handbook on Money Laundering (Edward Elgar).

Regis, S., (2005). "Abacha Laundered $1.3 billion, says UK Official", The Guardian, June 21.

Seagrave, S. (1995). Lords of the Rim: the invisible empire of the Overseas Chinese. New York: Putnam's Sons.

Steel, (2006), Money Laundering: Concept and trend in contemporary society. Ikeja Lagos: Anthill Publishers

U., Kama. (2005). Economic Effects of Money Laundering on the Nigerian Economy: Some Emerging Issues. Central Bank of Nigeria Economic and Financial Review, 43(1), 23–50.

Refbacks

  • There are currently no refbacks.