An Appraisal of Legal and Administrative Framework for Combating Terrorist Financing and Money Laundering in Nigeria

Abstract

Global financial stability hinges on collective action at the international level, but also an effective national system.  Robust anti-money laundering and combating the financing of terrorism regimes are important pillars of the international regulatory and supervising systems and are part and parcel of the current efforts to strengthen the global financial system.  It is clear that Nigerian government has demonstrated commitment by putting in place legislative and enforcement framework for the implementation of international instruments for combating terrorist financing and money laundering.  The commitment culminated in vesting enforcement powers to the law enforcement and regulatory bodies.  These bodies complemented the provisions of the laws by providing comprehensive regulatory and supervisory frameworks for combating terrorist financing and money laundering. In spite of the efforts of the enforcement and regulatory agencies, much is still left to be desired.  This is because the perpetrators are professionals and highly placed persons in the society.  For these reasons, terrorist financing and money laundering continue to evolve assuming new scope and applying new tactics.  The promulgation of laws and the establishment of new regulatory or law enforcement institutions alone are not sufficient to combat money laundering and terrorist financing.  They must be supported by strong political will on the part of the government and real and meaningful implementation of the laws through investigations, prosecutions and convictions to give credibility to such laws.  In this regard, international cooperation and mutual assistance in investigations, prosecutions and law enforcement are critically necessary in view of the transnational features of money laundering and the financing of terrorism.

Keywords: Legal, Administrative, Framework, Terrorist Financing, Money Laundering