ABSTRACT
Money laundering and financial crime in Nigeria:
The war of the economy and financial crime commission and the impact on the
Nigeria has through service of reformation and damaged in the economy of
Nigeria. The content of this review the effort or war fight by economic and
financial crime commission in computing money laundering and financial system.
The first chapter contain the introduction of the
aspect of the study, which review the background and the objective of the study
the statement, significant and scope of the study were above review which serve
as the basic for the study.
The second chapter reviews the relevant literature
relating to various reforms in the money laundering and the financial crime and
the role play by EFCC and the cause effect and the operation of the EFCC.
The third chapter is the research methodology
section which contain the various ways the research uses in collection data in
this project.
Chapter four is the section which presents and
analyses the data collection through the various and mean stated in the
previous chapter the researcher used the decretive method of data analyzing the
data percentage and frequency are used in measuring the percentage of the
respondent to arrive at the stated finding at the end of these chapter.
The final chapter comprises of the summary of the
conclusions and recommendation .At the end of this research work government and
the society or public work would get more in sight on how money laundering and
financial crime could be combated
TABLE OF CONTENT
Title page i
Certification ii
Dedication iii
Acknowledgement iv
Abstract v
Table of content vi
CHAPTER ONE
Introduction 1
1.1 Background
of the study 3
1.2 Statement
of problem 6
1.3 Objective
of the study 7
1.4 Scope
of the study 9
1.5 Significance
of the study 9
1.6 Limitation
of the study 10
1.7 definition
of the terms 11
CHAPTER TWO
2.0
Literature review 13
2.1 Concept
of money laundry and financial crime and
definition of money laundry 13
2.2 Relationships
between money laundering and
financial crime 15
2.3 Causes
of money laundering and financial crime 16
2.4 Need for
eradication of money laundry and
financial crime 18
2.5
Various attempt in Nigeria to
combat money
laundering and financial crime 21
2.6
Introduction of economy
and financial
crime commission (EFCC) 24
2.6
Mode of operations and
financial crime commission 25
2.7
The war of EFCC 27
2.8
The impact on Nigeria economy 32
CHAPTER THREE
3.0 Research
methodology 38
3.1 The
study area 38
3.2 Research
population 38
3.3 Source
of data collection 38
3.4 Method
of data analysis 39
CHAPTER FOUR
4.0
Presentation of data 40
4.1 analyses
of data findings 50
CHAPTER FIVE
5.0
Summary, conclusion and
recommendation 52
5.1 Summary 52
5.2 Conclusion 53
5.3 Recommendation 54
References/Bibliography 56
CHAPTER ONE
1.0 INTRODUCTION
One of the social economy challenges facing the
world today is the increase of the money laundering and financial crime over
the year, the limitation watched while money laundering and financial crime, with gradual crew into
organize with impetus money laundering and financial system santically become
and international crime and finally evolved as professional crime, these development
has not only resulted in insecurity of a sort in international financial and
economy but it has assessed in the growth of other crime like drug trafficking, tourisms, arm running
and political interments.
The market is one of the most profitable market in
the world without 105% rate of return and market capitalization of about $ 4
billion, the bank sector, nation wide the telecommunication sector doubts the
fastest growing in the world’s emerge market unfortunately economy mismanage,
corruption and lack of accountability and transparency by previous
administration have been the miner reason for the reason for the poverty.
The third world particularly African country, the
incident of official corruption and embezzlement of public funds has become albatross
in the development of the region. the free movements of the criminal fraud has
been largely responsible for the financing of aims proliferation minimization
of group and general political crises in the continent.
It is however important to acknowledge the bold
step taking by the present administration to change tide for the country the
government as stood up firmly to comfort correction from the top and made the
it clear that they will fight it to a stand still through the establishment of
(ICP.C) and (EFCC)
1.1 BACKGROUND OF THE STUDY
Nigeria in presumable the second large economy
among African countries with population
of over 120 million and perhaps 1970’s the most of entrepreneur economy revenue
account for goods of the foreign exchange earning apart from large untapped
potential of solid social indicator plea it among the 20 poorest country in the
world.
The Agency is merely scratching the surface as far
as war against economy crime is concerned, hinged their belief on a new
suffered a massive out of flow of illicitly funds in Africa between 1970
through 2008.
The study titled, “ illicitly financial flows from
Africa; Hidden resources for Department,” reveals that Nigeria lost $165.697
billion close to 19 percent of the total $ 854 billion out of flows from Africa
to other western countries.
Following behind Nigeria are Egypt ($70.5 billion),
Algeria ($25.7 billion), morocco ($25 billion) and South Africa ($ 24.9
billion)
Interestingly, this period overlaps with a period
of intense anticorruption campaign within Nigeria through the establishment
of the Economic and financial crime commission for not achieving much, despite
public funds pumped into its activities.
Aside the 6-8 demand, war on corruption become inevitable
due to its devastating due, to its devastating effect on the nations economy,
for instance, it has been estimated that since independence,
Nigeria has lost over $ 400 billion (about # 60 trillion)
to hemorrhage occasioned by the unconserionable activities of its ruling class.
A recent World Bank report estimated that about #
600 billion worth of contra bound goods pass through customs and ended up in
private pockets with several others cases taking place without being noticed.
In 1999,
a united kingdom –based non- Governmental organization
jubilee 200 coalition had alleged that about $ 55 billion, corruptly acquired
by some Nigerian rulers, their agents and some government officials lodged in various
Banks in united kingdom. The result of the investigation by the, National
Assembly regarding about $ 16 billion allegedly spent by then, Obasanjo.
The GNP stand at about $ 300 billion from oil
export within the past 39 years period but current per capital income is about
20% less the 1975 level she suffer under an excruciate external debt divided of about 60% of the
GDP.
The history of money and financial crime is as old
as time. Its event and conduct that always are with human beings.
1.2 STATEMENT OF THE PROBLEM
The economy condition of the nation needed has been
devastated by leaders at the top government position which has spread to the people
at the lower level of the government in the same thread and the image of the
world, through this problem of money cyber crime,419 advance free fraud
corruption dong trafficking, embezzlement that came to emerged.
The rate of siphon off the economy by our leaders
is becoming too much alarming and has caused unemployment, poverty, armed
robber of company without new one command up the standard of living is low
majority of the country was unable to make ends meet the monetary fiscal policy
being used by the government is not helping the economy people and suffering
everyday in the country this posed problem to the nation.
Financial crime that damage effect on the economic
and financial crimes are kindred offence with an extremely within line
separating then the damages caused to the nation is more important to discus
than the direct financial losses.
The financial crime is pernicious because public
corruption damages any economy and it undermines the enter proneness and
investors to complete.
Public corruption is pernicious that undermines the
populations confidence in its leaders are pursing selfish interests.
It creates or causes devastating effect of
corruption as lamented by the former president of the Nigeria Economic society,
Professor Sam Olofin.
1.3 OBJECTIVE OF THE STUDY
This project research work will examine in detail
[EFCC] in combination money laundering and financial crime in Nigeria.
(1)
This research work
shall be looking to the area it has contributed development to Nigeria
especially when combing money laundering and financial crime
(2) This research work will examine the
impacts on Nigeria
financial system.
(3) This
research work will also examine those people that have been prosecuted under investigation that have
sentenced o punished.
(4) This
project will look into the divesting effect that has caused in Nigeria economy
(5) The
aims also to look into factors that lead money laundering and financial crime
in the Nigeria and provide recommendation to the problem and how EFCC curb the
menace of the corruption that constitute the log in the what of progress.
(6) Where
recovered monies or funds are domiciled or kept by Economic financial crime
commission (EFCC).
1.4 SCOPE OF THE STUDY
This study on money laundering and financial crime
in Nigeria is being carried in by the researcher, over the whole nation.
1.5 SIGNIFICANCE OF THE STUDY
This research work will be of great important
because a lot of people will benefit through the work.
Firstly, the society will b able to know the people
involved in siphoning the public money and they are into money laundering and
financial crime, they will be out knowing those people destroying over economy
Secondly, the government will be able to recover
back the money that have been embezzled by the people in the administration
that been covered and through this, it has been exposed to the public.
Lastly, it will reduce the rate of money laundering
and financial crime our society due to the financial crime and punishment being
by the perpetration of the act.
1.6 LIMITAION OF THE STUDY
In carrying out the research work many problems
were encountered during the course of putting the paper worked together and
these to large extend have some of the problem are as follow:
TIME CONSTRAINT:
Considering the scope of the project and time limit
it will not be all hat convenience to cover the whole research.
FINANIAL CONSTRAINT: Looking at the scope of the project work it will
regime a lot of traveling which involved money to be used but enough to do it.
ACCESS TO INFORMATION ONSTRAINT: Enough information for the research work.
1.7 DEFINITION OF TERM
Some of the terms used by the research in this
project work are being as follow:
EMBEZZLEMENT A
fraud use of money entrusted to one’s care by a body or organization for one’s
own benefit.
MONEY LAUNDERING:
This s process of sending ill- gotten money from shady deals, foreign bank or
legitimate business in order to over up it dirty source and being seen as clean
or legitimate money.
FRAUD: This
is an intentional act distortion by an individual or management to falsify the
financial statement of any organization with the aim of selfish interest is
meant.
FINANCIAL CRIME:
This is the offence committed not only with the intention of getting financial
benefits, but they are targeted directly at funds and financial instrument.
ECONOMY: is
the relationship between production, trade and the supply of money in
particular country.
I.C.P.C: This
means independent corrupt practice commission (other independent by the
government to curb corruption in the government parastatals.)
E.F.C.C:
Economy and financial crime commission and they are established to investigate
any person, corporate organization suspected to committed offence co-ordinates
the enforcement of other relevant provision related to financial crime.
INVESTIGATION:
This is an official examination of the tax about a institution crime etc, and
find out the truth about its happening.
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