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ANTI-MONEY LAUNDERING FRAMEWORK IN NIGERIA: AN UMBRELLA WITH WIDE LEAKAGE
Abstract
Nigeria has consistently been in the international illicit financial transactions global monitoring watch list. The country is reputed for massive public corruption and mismanagement. In tackling the menace of corruption and money laundering activities, several laws and regulatory framework has be enacted by the Nigerian Government particularly in the wake of the democratic rule in 1999 – 2003. However, despite the unbroken chains of laws and the enactment of formidable codes of conduct and international best practices, corruption and money laundering activities remain prevalent in the country. The International Illicit Financial Regulators, therefore, continue to advocate for more stringent laws in combating Money Laundering activities by the Politically Exposed Persons and the Nigerian elites. The paper contends that the challenge militating against the efforts to combat money laundering in the country is not lack of appropriate legislation but ineffective and inefficient political institutions. The paper therefore advocates for the strengthening of political institutions by removing constitutional impediments in the current legal regime. The paper equally advocates for the introduction of Unexplained Wealth Order in Nigeria as it is currently practiced in the UK.
Key Words: Money Laundering, Corruption, Nigeria, Political Exposed Persons, Anti-Money Laundering, FAFT, United Kingdom, Unexplained Wealth Order.