Operatives of the Benin Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on Thursday, July 24, sensitized officers of Central Bank of Nigeria, Benin Branch on virtual assets, anti-money laundering and combating the financing of terrorism. The sensitization lecture which was at the behest of the Apex Bank was held in the Benin office of the bank.
Head, Special Control Unit against Money Laundering, SCUML, Benin Zonal Directorate, Superintendent of the EFCC, Ibrahim Boyi in his presentation captured money laundering as the process of transforming ill-gotten wealth so that it may appear legitimate. He said terrorism financing could be through provision of cash, logistics support or services, facilitation or provision of training and accommodation or space for terrorists to carry out their activities.
He listed the stages or processes of money laundering to include, placement, laying and integration. He noted that the effects of money laundering on a nation were grave, among which are destabilization of the financial market, loss of foreign investment, damage to a country’s reputation in comity of nation, economic stagnation and lack of basic amenities. He stated that Nigeria was signatories to international treaties and conventions on anti-money laundering and terrorism financing. “Nigeria made a high level political commitment to work with the Financial Action Task Force and GIABA to strengthen its AML/CFT/CPF regime. In 2003 Nigeria’s official entry into FATF marked a significant commitment to combating financial crimes,” he said.
Deputy Superintendent of the EFCC, Joshua Abiama in his presentation on “The Use of Cryptocurrency in Money Laundering and Terrorist Financing” referred to cryptocurrency as digital representation of value that can be digitally traded and function as a medium of exchange, unit of account, store of value but not a legal tender in most jurisdictions. Bitcoin he said, was the first cryptocurrency to be created and that it is a form of digital currency that uses blockchain technology to support transactions, powered by its users with no central authority or middlemen. He noted that the characteristics of virtual currencies and the fact that they can be exchanged for real money (fiat currencies) or other virtual currencies makes it possible for virtual currencies to be used for money laundering and terrorism financing. According to him, because of the high level of anonymity as well as the absence of the traditional due diligence protocol such as “Know Your Customer” requirements, make virtual currency transactions attractive to criminal actors for the purpose of engaging in money laundering and terrorism financing. “Virtual currencies such as Bitcoin has also become attractive to terrorists who use them to solicit donations, purchase and sell weapons on the Dark Web and move funds globally,” he said.
Acting Director, Benin Zonal Directorate, ACE I Effa Okim in his remarks stated that the Commission will continue to collaborate with relevant stakeholders in its efforts to tackle corruption in the country. According to him, such collaboration and partnership will help close any gap which fraudsters and criminals may want to explore.Akpanke Utande, Benin Branch Controller, CBN, commended the Commission for the invaluable and insightful lecture which he says has enhanced their understanding of AML/CFT framework, financial crimes risk as well as relevant laws and regulations.
Mrs O. B. Smooth, head, Currency Management Centre, CBN, also commended the Commission for the lectures. She disclosed that, the Benin Branch of the CBN organises Knowledge Sharing Session on monthly basis for its officials and that it become imperative to invite the Commission for the July edition because of its expertise on issues of financial crimes. “Thank you so much for your lecture at our Knowledge Sharing Session for the month of July 2025 which has offered us the opportunity to share ideas with our relevant stakeholders in Edo State,” she said.
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