By Adewole Kehinde
“Money laundering is giving oxygen to organised crime.” – Enrique Peña Nieto
Anti-money laundering refers to regulations, laws, and procedures designed to prevent criminals from disguising illegally obtained funds as legitimate income.
The goal of anti-money laundering measures is to detect and deter money laundering activities, which are often associated with various criminal activities such as drug trafficking, human trafficking, terrorism, and fraud.
Financial institutions, businesses, and individuals are required to comply with anti-money laundering regulations to help prevent money laundering and the financing of illegal activities.
There are reported cases of counterfeit currency and threats to the nation’s financial system recently handled by the Nigeria police.
To curb these threats, the Inspector-General of Police, IGP Kayode Egbetokun, on Wednesday, 15th January 2025, established the Nigeria Police Anti-Money Laundering under the leadership of a renowned financial expert, CP Hyacinth Azuka Edozie.
Some may be wondering why the establishment of the anti-money laundering unit by the Nigeria police.
Well, the establishment of this unit will further prevent financial crime and protect the integrity of the financial system.
It will also help in identifying and stopping illegal activities such as money laundering, terrorist financing, and other illicit financial transactions while implementing the measures that ensure that financial institutions comply with regulatory requirements and avoid legal penalties or reputational damage.
The unit will help to safeguard the stability and integrity of the financial system by preventing criminals from infiltrating the system, avoiding potential risks, and enhancing the security of financial transactions, which in turn builds trust among customers, investors, and stakeholders.
With the establishment of the Anti-Money Laundering Unit, financial institutions can reduce the risk of being involved in illegal activities and financial losses associated with money laundering and promote global cooperation and information sharing among different countries and financial institutions to combat cross-border financial crimes effectively.
According to a statement by the Force Public Relations Officer, ACP Olumuyiwa Adejobi, this anti-money laundering unit is a strategic move to strengthen the police’s role in national security, specifically in combating financial crimes.
It is also critical in countering the sophisticated methods used by terrorist organisations and other criminal entities to finance their activities.
He further said that the establishment underscores the Force’s commitment to safeguarding national security by preventing and detecting illicit financial activities that could undermine the country’s stability.
It also enhances the operational capacity of law enforcement agencies, especially the Nigerian Financial Intelligence Unit (NFIU), to address various security threats in furtherance of its global oversight functions.
I am optimistic that with officers of the rank of Chief Superintendents of Police (CSPs) to lead the units in all State Criminal Investigation Departments (SCIDs) across the country, the unit will achieve the purposes for which the unit was established to achieve.
In conclusion, the Nigeria Police Anti-Money Laundering Unit will play a crucial role in maintaining the financial system’s transparency, integrity, and security and making it more resilient against criminal activities.
Adewole Kehinde is the publisher of Swift Reporters. 08166240846. kennyadewole@gmail.com. @kennyadewole
