Strengthening Institutions in the Fight Against Corruption and Financial Crimes in Nigeria

2015 ◽  
Author(s):  
Obinuchi Chimezule
Keyword(s):  
Financial Crimes

Impact of economic and financial crimes on economic growth in emerging and developing countries

2019 ◽  
Vol 26 (3) ◽  
pp. 910-920 ◽  
Author(s):  
Sani Abubakar Saddiq ◽  
Abu Sufian Abu Bakar
Keyword(s):  
Systematic Review ◽  
Developing Countries ◽  
Negative Impact ◽  
Meta Analysis ◽  
Eligibility Criteria ◽  
Content Type ◽  
Research Reporting ◽  
Financial Crimes ◽  
Emerging And Developing Countries ◽  
The Impact

Purpose The purpose of the study is to investigate the impact of economic and financial crimes on the economies of emerging and developing countries. Design/methodology/approach Preferred Reporting Items for Systematic review and Meta-Analysis (PRISMA) guidelines and meta-analysis of economics research reporting guidelines were used to conduct a quantitative synthesis of empirical evidence on the impact of economic and financial crimes in developing and emerging countries. Findings A total of 103 studies were searched, out of which 6 met the selection/eligibility criteria of this systematic review. The six selected studies indicated that economic and financial crimes have a negative impact in emerging and developing countries. Originality/value To the best knowledge of the authors, no published systematic review of the impact of economic and financial crimes in developing countries has been conducted to date.

Does holding offshore jurisdictions to higher AML standards really assist in preventing money laundering?

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Andrew James Perkins
Keyword(s):  
Money Laundering ◽  
Secondary Data ◽  
Cayman Islands ◽  
Content Type ◽  
Task Forces ◽  
Financial Crimes ◽  
Financial Action Task ◽  
Practical Implications ◽  
Combat Money Laundering

Purpose This paper aims to contend that when tackling financial crimes such as money laundering and terrorist financing, international regulators are seeking to hold offshore jurisdictions such as the Cayman Islands to higher standards and that this detracts from the pursuit of detecting and prosecuting money launders. Design/methodology/approach This paper will deal with the following perceived issues: firstly, to offshore jurisdictions as a concept; secondly, to outline the efforts made by the Cayman Islands to combat money laundering and to rate these changes against Financial Action Task Forces’ (FATAF’s) technical criteria; thirdly, to demonstrate that the Cayman Islands is among some of the world’s top jurisdictions for compliance with FATAF’s standards; and finally, to examine whether greylisting was necessary and to comment upon whether efforts by international regulators to hold offshore jurisdictions to higher standards detracts from the actual prosecution of money laundering within the jurisdiction. Findings Greylisting the Cayman Islands in these authors’ view was something that should have never happened; the Cayman Islands is being held to standards far beyond what is expected in an onshore jurisdiction. There is a need for harmonisation in respect of international anti money laundering rules and regulations to shift the tone to prosecution and investigation of offences rather than on rating jurisdictions technical compliance with procedural rules where states have a workable anti-money laundering (AML) regime. Research limitations/implications The implications of this research are to show that offshore jurisdictions are being held by FATAF and other international regulators to higher AML standards than their onshore counterparties. Practical implications The author hopes that this paper will begin the debate as to whether FATAF needs to give reasons as to why offshore jurisdictions are held to higher standards and whether it needs to begin to contemplate higher onshore standards. Originality/value This is an original piece of research evaluating the effect of FATAF's reporting on offshore jurisdictions with a case study involving primary and secondary data in relation to the Cayman Islands.

Ascertaining the effectiveness of Economic and Financial Crimes Commission (EFCC) in tackling corruptions in Nigeria

2018 ◽  
Vol 25 (3) ◽  
pp. 658-668 ◽  
Author(s):  
Ibrahim Umar ◽  
Rose Shamsiah Samsudin ◽  
Mudzamir bn Mohamed
Keyword(s):  
Poor Performance ◽  
Organizational Factors ◽  
Content Type ◽  
Study Approach ◽  
Documentary Analysis ◽  
Current State ◽  
Financial Crimes ◽  
Lack Of Commitment ◽  
Depth Interviews

Purpose The purpose of this paper is to appraise the Nigerian Economic and Financial Crimes Commission (EFCC) of their role in tackling systemic corruptions and to associate how institutional and organizational factors influence the performance of the EFCC. Design/methodology/approach Data were gathered through in-depth interviews, non-participatory observations and documentary analysis. Findings The results of the integrative analysis show that the EFCC has apparently been ineffective, and further improvization of the organization is needed. Poor performance of the EFCC was associated with factors such as lack of commitment, inefficient judiciary, insufficient budgets and incompetent personnel. Practical implications This study recommends further improvements in the form of a greater political will, improved legal process and also elevated budgetary funds and recruitment of personnel to the EFCC. Originality/value The study adopted a descriptive, qualitative case study approach to describe the current state of the EFCC in Nigeria.

scholarly journals A Review of Anti-Corruption Wars in Nigeria

2014 ◽  
Vol 2 (3) ◽  
pp. 153 ◽  
Author(s):  
Nnamdi Nwaodu ◽  
David Adam ◽  
Okechukwu Okereke
Keyword(s):  
Qualitative Data ◽  
Secondary Data ◽  
Economic Life ◽  
Recent Attempt ◽  
Poverty Level ◽  
Secondary Sources ◽  
Online Databases ◽  
Efficient Performance ◽  
Financial Crimes

Corruption still subsists as one of the greatest challenges facing Nigeria. The existence of this phenomenon in virtually all aspects of the nation’s socio-economic life is said to be one reason why poverty level remains high irrespective of her position as the six highest suppliers of oil to the whole wide world, and a possessor of numerous other human and natural resources. A recent attempt by the Federal Government of Nigeria to curb this societal ill led to the establishment of Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices & Related Offences Commission (ICPC) among others bodies. This paper historically explores the anti-corruption war in Nigeria and specifically zeros itself to review EFCC’s role in this war. The methodology adopted in this paper is the narrative-textual case study (NTCS), a research method that sources the required quantitative and qualitative secondary data on the phenomenon of study from secondary sources like the internet, World Wide Web, online databases, e-libraries  et cetera. On the strength of the qualitative data sourced, it was discovered that the agency has made some successes but is being hindered by political, administrative and judicial bureaucracy from efficient performance. The paper therefore boldly recommends that transparency be enshrined into all aspect Nigerian political and administrative life and extant anti-graft laws be reviewed, harmonized and strengthened to enhance the effectiveness of fight against corruption and breach of corporate governance ethics by those holding political and non-political positions in Nigeria.

Terrorism financing and money laundering: two sides of the same coin?

2018 ◽  
Vol 25 (4) ◽  
pp. 962-968 ◽  
Author(s):  
Frederic Compin
Keyword(s):  
Money Laundering ◽  
Tax Evasion ◽  
White Collar Crime ◽  
Islamic State ◽  
Content Type ◽  
Fully Integrated ◽  
Financial Crimes ◽  
Terrorism Financing ◽  
Utilitarian Approach ◽  
The Cost

Purpose The purpose of this paper is to analyse how terrorism financing can be assimilated with money launderning when the amounts ofmoney involved differ so markedly. Not only is the cost of financing terrorist attacks minimal compared to the huge sums often at stake in financial crimes, but also the psychological profile of terrorists, who are reclusive by nature, contrasts starkly with that of financial criminals, who are usually fully integrated members of society. When terrorism financing is equated with money laundering this represents a utilitarian approach in that it facilitates the creation of a security strategy and stifles criticism of criminogenic capitalismthat turns a blind eye to tax evasion. Design/methodology/approach The analysis is conceptual, focussing on the assimilation of terrorism financing with money laundering. There is an interview with a French magistrate, specialized in the fight against corruption and white-collar crime, and data have been collected from international organizations and scholarly articles. Findings The fight against money laundering and money dirtying has clearly sparked numerous controversies around evaluation, scope, criminal perpetrators and a lack of vital cooperation between administrative and judicial services. Social implications This paper raises questions about the reasons behind the linking of money laundering and money dirtying by states and players in public international law and why the fight against money laundering is very much overshadowed by their focus on terrorist financing in dealing with the growing threat of Islamic State, otherwise known as ISIS or ISIL, in the Middle East and West Africa. Originality/value The paper enables the reader to raise the question of similarities between the fight against money laundering and the fight against terrorism financing.

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