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CORRUPTION, MONEY LAUNDERING AND NIGERIA’S ECONOMIC DEVELOPMENT
For a long time in Nigeria, money laundering has been a cankerworm threatening the growth of the economy, dragging the wheel of governance and economic development backward in the country. This study is sets out to determine the effect of money laundering on Nigeria’s socioeconomic development. The research adopts qualitative method in analyzing the data generated from primary and secondary sources; response from the people interviewed from Ministry of Finance, and literatures from Budget office of the Federation, Central Bank of Nigeria bulletin, News Papers and other scholars. The findings revealed that money laundering has a negative significant relationship with the Nigeria economy and the laws on corruption and money laundering are weak. The study recommends that there is need to re-appraise the institutions that are fighting economic crimes particularly their statutory functions and the anti-corruption laws. It also suggests that government should take proactive measures to tackle the menace by daring to prosecute all political associates involved in money laundering as a lesson to other culprits.
Keywords: Corruption, Organized Crime, Money Laundering, Development and Economy