EFCC Boss: Politicians Using Cryptos To Launder Money

The Executive Chairman of the Economic and Financial Crimes Commission, Mr. Ola Olukoyede has accused politicians of using cryptocurrency to launder proceeds of ill-gotten wealth... Read Full Article.. .

This is just as he said that cryptocurrency as an innovation and transactional technology in the global economy requires governing rules to regulate its ecosystem in the country in order to prevent its fraudulent abuse.

He made the observation in Abuja when stakeholders in Blockchain Technology Association of Nigeria, led by their president, Obinna Iwuno paid him a courtesy visit at the Commission’s corporate headquarters.

Speaking through his Chief of Staff, Michael Nzekwe, Olukoyede stated that “Crypto is the new oil. There’s so much money in crypto. The ecosystem is something that needs to be properly regulated. If that regulation is not done, even the genuine actors will run into big problems.

“The truth is that there’s a thin line between the genuine crypto operators and the fraudsters. What has been happening is that even politically-exposed persons are now using it as a means for laundering money and some of the actors in the ecosystem are falling for them.

” Even some of the ones you say are genuine, launder money. So , it’s important that we’re having this particular meeting,”

He encouraged players in cryptocurrency and blockchain technology to prioritize enlightenment and training of investors.

Olukoyede noted that SIBAN could contribute to the fight against money laundering by being whistleblowers.

“I think that one of the things that will be taken out from here is that we’re going to have a better time to sit down and look at all the issues deeply.

“I’m glad you are a trainer. Identify some key factors, one is enlightenment and training also. We want to ensure that we have a clean economy. We can collaborate to stop money laundering. You can blow the whistle. You can be a whistleblower,” he added.

Earlier in his remarks, Iwuno noted that the critical place of cryptocurrencies and blockchain technology in the national economy has motivated SIBAN to draw up a set of regulatory codes.

Iwuno stated that “We have a code of ethics which we have drafted using international best practices and standards from other jurisdictions across the world that have done regulation. It is a code of ethics for practitioners and operators in Nigeria.

“That is a show of our commitment and willingness to be ethical; to be regulated and also to be compliant to the laws of the land and the requirements of regulation across the world.

“We have declared our openness and our needs and requirements for regulation. We have been on this since 2018, asking to regulate this sector so that we don’t lose out and become victims of capital flight, ”

He called for collaboration with the EFCC, stating that it would enable SIBAN to make meaningful input in the fight against investment fraud and money laundering.

“We want to engage with you in the areas of education, collaboration, awareness creation and anti-scam campaigns across the country.

“We want to also work with you on how to identify crypto frauds and scams. We want to also have that relationship where we will be able to report bad actors to you and you take action. If we have this relationship, we would be able to stop these people,and..  Read . .More —