MONEY LAUNDERING AND TERRORISM FINANCING IN NIGERIA: CAUSES AND EFFECTS

Abstract

It won’t be an over statement to state that in spite of all the measures past and present governments have put in place to combat money laundering and terrorism financing, this cankerworm still rears its ugly head in all segments of our society. Today Nigeria is still at cross-roads on how to combat insecurity, corruption, kidnapping, cybercrime etc. which has had terrible consequences on its development and economic growth. Corruption to say the least reduces public spending because funds which are supposed to be used for public goods are diverted into private pockets thereby making in difficult for governments to carry out it seemingly corporate social responsibilities to her people.  These responsibilities include providing basic essentials and services such as building of airports, high-ways, rail-ways, hospitals, affordable insurance policies, affordable education and other social services scheme that are aimed at making life more comfortable for the people. Most disturbing is the issue of corruption, and money laundering which gives rise to poor investments, breeds unemployment, leading youths to engage in all sorts of crime and criminality. The uprising in the North that is associated with the Boko Haran Saga and the IPOB activities in the South East which crippled the economy of these regions thereby making things exceptionally difficult for the common man. The need to do a critical review of these anomaly and proffer solutions thereto became the central focus of this study.