Experts Highlight Ways of Combating Money Laundering

Mr Femi Falana, SAN has explained the concept and elements of money laundering and the different ways of combating money laundering in Nigeria.

Speaking at a Training Programme on “Practical Issues in Anti-Money Laundering & Regulatory Compliance”, organised by the Commercial Law Development Services, Mr Falana SAN explained that in recent times, the concept of money laundering has not only taken a prominent place on the political and regulatory radar of Nigeria, but is also increasingly on the agenda of professionals and Directors of large financial institutions operating within the country. He also buttressed on the fact that anti-money laundering intervention and holding financial service firms accountable for deficiencies in their programs has gathered momentum in the country.

Speaking in the same vein, Dr Dayo Ayoade, Head of Department, Jurisprudence & International Law, University of Lagos, highlighted the challenges of money laundering. While facilitating a session on “Legal Framework for Anti-Money Laundering”, he stated that “Genuine political will and determination will be needed on the part of the Federal Government if Money Laundering is to be tackled effectively”. The programme, which was held on Friday, April 29, 2016, at the International Court of Arbitration and ADR (ICAA), became imperative due to the on-going fight against money laundering in the country. The participants were drawn from law firms and the financial sector.