Financial crimes pose danger to economic stability and national safety, warns ICPC

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The Chairman of the Independent Corrupt Practices and Other Related Offences Commission, Dr. Musa Aliyu, has warned that money laundering and terrorist financing remain major threats to Nigeria’s economy, national security and democratic institutions.

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Aliyu stated this on Tuesday in Abuja at the National Anti-Money Laundering and Countering the Financing of Terrorism Media Outreach organised by the Intergovernmental Action Group Against Money Laundering in West Africa in collaboration with the Nigerian Financial Intelligence Unit.

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Represented by the agency’s spokesman, John Odeh, he said the destructive impact of financial crimes continues to erode public trust, weaken governance and deprive citizens of resources needed for development.

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“Money laundering and terrorist financing remain among the most destabilising threats to our economic systems, our national security and our democratic institutions. Their corrosive effects erode public trust, undermine governance, distort markets and ultimately deprive citizens of the resources required for sustainable development,” he said.

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The ICPC chairman noted that the evolving nature of technology has further complicated the fight against financial crimes, as criminals now exploit digital platforms, artificial intelligence and social media to conceal illicit funds and finance criminal activities.

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“The advent of the internet, social media and artificial intelligence has dramatically altered the landscape of financial crime. Criminals now launder proceeds across jurisdictions at the click of a button. They radicalise and fund extremist networks through anonymous online channels,” he said.

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Aliyu, however, said the same technologies could be deployed by authorities to stay ahead of criminal networks, commending the Nigerian Financial Intelligence Unit for adopting advanced tools to track suspicious transactions.

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“These same technologies, in the right hands, present extraordinary opportunities for us to be several steps ahead of the crime curve. We do not have to be perpetually on the back foot,” he added.

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He emphasised the critical role of the media in combating money laundering and terrorist financing, describing journalists as key partners in exposing illicit financial flows and promoting accountability.

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“The media is rightly regarded as the Fourth Estate of the Realm. It is the media that shines a light on the dark corners where corruption festers. It is the media that gives voice to the voiceless and holds the powerful accountable,” he said.

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In his address, the Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi, SAN, acknowledged that money laundering and terrorist financing remain significant threats to the stability of Nigeria’s economy and the West African subregion.

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“Money laundering and terrorist financing remain significant threats to the stability of our economy and that of the West-African sub-region as a whole. The credibility of our institutions and the safety of our citizens are also at stake. These crimes are often complex, transnational, and constantly evolving, requiring a coordinated, informed, and proactive response from all stakeholders,” he said.

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Also speaking, the Director-General of GIABA, Mr Edwin Harris Jr., represented by its Country Director, Mr Timothy Melaye, said the media remains a vital channel for raising awareness on the dangers of money laundering and terrorist financing.

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“The media remains a veritable channel of increasing awareness among the populace. GIABA has been working and building partnerships with media groups and individual journalists to bring to public awareness the negative consequences of money laundering and terrorist financing,” he said.

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He noted that the outreach programme was designed to equip journalists with tools to track and report financial crimes, while strengthening regional collaboration.

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“The workshop will bring together a broad section of the media to identify and track down money laundering and financial terrorism activities within and outside the country, and equip journalists with the right tools to cover and investigate financial crimes,” Harris added.

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Aliyu urged journalists to rise to the challenge by reporting financial crimes with diligence and courage.

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“Report on financial crimes with diligence, accuracy and courage. Use every platform at your disposal to educate your audiences, amplify the work of law enforcement agencies and champion the cause of financial integrity,” he said.

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The outreach is part of efforts to strengthen Nigeria’s Anti-Money Laundering and Countering the Financing of Terrorism framework and improve media understanding of financial crimes.

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The programme brought together journalists, regulators and law enforcement agencies to enhance reporting, public awareness and regional collaboration against illicit financial flows.

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