Pubdate: Wed, 29 Oct 2003
Source: Daily Trust (Nigeria)
Copyright: 2003 Daily Trust.
Contact:  http://www.mtrustonline.com/dailytrust/
Details: http://www.mapinc.org/media/2923
Author: Adelanwa Bamgboye

FG RE-AFFIRMS WAR ON MONEY LAUNDERING

Lagos

The federal government has vowed to intensify the war against 
money-laundering, saying that it is a war all Nigerians must embark upon 
and cooperate with one another in order for it to succeed.

Declaring open a two-day conference on money laundering and the Nigerian 
economy held at the L'meridian Eko Hotel, Lagos, yesterday, the Vice 
President Atiku Abubakar who was represented by the Justice minister, Chief 
Akinlolu Olujinmi (SAN), commended the NDLEA for its leading role in the 
fight against the drug scourge.

He explained that given the seriousness of the threat posed by money 
laundering, "our laws have been revised and our rating has accordingly 
improved, but we need to do more."

The Vice President, whose address was read by the Justice minister, said 
that the FG is indeed ready and prepared to do more in terms of proper and 
extensive dissemination of adequate knowledge as well as improved practices.

According to the Vice President, "money laundering is a very adverse 
practice which distorts economic and fiscal indices and, more seriously, 
has linkages with narcotics and other organised crimes."

He said that for us in Nigeria, money laundering is particularly heinous, 
because it has contributed to giving us a less then impeccable image.

He said further that "the task of cleansing this image which we began since 
assuming office in 1999, involves tackling the monster of narcotics 
trafficking and its attendant tentacles of advance fee fraud, money 
laundering, human trafficking and so on."

The Vice President disclosed that Nigeria has been certified for three 
consecutive years for excellent counter-narcotic efforts, adding that more 
needed to be done in the area of anti-money laundering.

In his address, the National Drug Law Enforcement Agency (NDLEA), boss 
traced the menace of drugs and related financial problems to the Second 
World War veterans who returned home with Indian hemp seedlings.

The chief executive said gradually, but steadily the problem has 
degenerated into a gigantic one that has political, diplomatic, social and 
economic consequences for Nigeria and Nigerians.
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MAP posted-by: Keith Brilhart