Report by Basel Institute rated Nigeria as high-risk for money laundering also.
Nigeria is one of the countries in Africa that is plagued with terrorism, especially in the Northern regions of the country. Terrorist organizations such as Boko Haram, Islamic State West African Province (ISWAP), and Fulani herdsmen thrive in the Northeast, Northwest and North Central zones. Boko Haram, for instance, started way before ten years ago and saw the killing, maiming, and destruction of lives and property. The Fulani herdsmen were even rated the fourth deadliest terror group in the world.
It is not surprising, then, that the Basel Institute on Governance has rated Nigeria as a high-risk country for both money laundering and terrorist financing. The country was rated 6.77 out of 10. The country is the 17th according to the list out of 128 countries. This rating was contained in the report released by the institute, which is titled, “Basel AML Index 2022: 11th Public Edition – Ranking money laundering and terrorist financing risks around the world.”
The Basel AML Index is maintained at the institute.
The International Center for Asset Recovery at the Basel Institute on Governance developed and maintains the Basel AML Index. The institute is an independent, international not-for-profit organization dedicated to preventing and combating corruption and other financial crimes and to strengthening governance around the world. In the report, the organization further noted that countries with high risks of money laundering and terrorism financing often suffer from high risks of environmental crime. The report also captured that many countries were not doing enough to tackle the issues.
The report says, “When it comes to tackling dirty money, most countries are taking one step forward and four steps back – and remaining too many steps behind criminals seeking to launder illicit funds.” The report noted that since the first publication of the Basel AML Index 11 years ago, progress in anti-money laundering and counter-terrorism financing remains paralyzed. According to the 2022 index, the average global money laundering risk is stuck at 5.25 out of 10, where 10 is the maximum risk level.
Governments are not keeping the pace with criminals.
Criminals keep innovating. They innovate new ways of doing the same old thing without being detected. However, the report says that governments were not keeping up the pace to catch up with criminals. The report acknowledges that governments and financial institutions as well as other reporting entities are generally getting better at assessing their risks of money laundering and applying a risk-based approach to address them. But in areas where criminals are constantly innovating, the authorities are dragging their feet.
The cryptocurrency sphere is one of the areas. The average levels of compliance with international standards on risks from virtual assets are dropping dramatically as more countries as assessed. Recently, it was reported in the media that the West African financial intelligence agency, Inter-Governmental Action Group against Money Laundering (IGAGML), revealed that 300 casinos operating in Nigeria might be involved in money laundering. This is as Nigeria is battling to stem terrorism financing amid the escalating attacks by terrorists from ISWAP.
The ECOWAS body says money laundering risks to casinos are high.
The IGAGML, which is a body established by the Economic Community of West African States (ECOWAS), noted that money laundering risks to the casinos were high to those operating in Lagos and Abuja. The body added that the gambling spots were mostly owned by foreigners from South Africa, China, Lebanon, the United States, Germany, and the United Kingdom. Earlier in 2022, the Federal Government had revealed that it uncovered 123 companies and 96 others linked to terrorism financing.
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It’s unheard off for Nigeria been ranked as the fourth most terrorize country,our security is so porous and our security outfits are not trying at all,they are not at last with the terrorists group they have so called grow wings and it’s a worrisome issues.
The money laundering act is been perpetrated by who is who in the country and this is because corruption level is very high and nothing much is been done by the anti corruption agency to reduce it.
This is so because the government agencies which suppose to be responsible to curb this act are not doing much in curbing it and this is sending bad signal to the international community that can help
A lot of rich people are financing terrorists in Nigeria. This is the reason why it’s so difficult to wipe them out. Even amongst the government, some support them.
The level of corruption in the country alone is enough to raise the bar of money laundering in the country. Security also matters in this devastating issue.
Terrorism affects a number of countries on the African continent, including Nigeria. This problem is particularly severe in the northern parts of the country.
Numerous lives were lost, people were maimed, and buildings were destroyed long before the last decade. and we should know that Fulani herdsmen are the fourth most lethal terrorist organization in the world.
It is unfortunate that the Basel Institute on Governance has identified Nigeria as a nation with a high risk of money laundering as well as financing for terrorist organizations.
One of these fields is the crypto community. As more countries are evaluated, the average degree of compliance with international criteria on dangers from virtual assets drops precipitously.
This is so bad we are ranked high of money laundering and this terror have damage and lost many life this terrorist weapon are far better than own military weapon is because they we’re been financing that why they are active and hard to conquer
When there is a high risk of money laundering or terrorism financing, environmental crime is often also prevalent in that country. The report confirmed that many nations were not making adequate efforts to solve the problems.
Nigeria’s ranking as the world’s fourth most terror-stricken nation is unprecedented, and it’s not because our security is particularly tight or because our security outfits are particularly lazy.
Nigeria is one of the African countries plagued by terrorism, particularly in the country’s northern regions. This needs rapt attention
The Basel AML Index was developed and is currently managed by the International Center for Asset Recovery, which is part of the Basel Institute on Governance.
Its because of the high level of corruption and the lack of action taken by the anti-corruption agency, money laundering is being committed by high-ranking officials.
Numerous wealthy individuals in Nigeria are providing financial support to terrorist organizations. Because of this, it will be quite challenging to eradicate them completely. Even within the government, there are individuals who are on their side.
Nigeria ranks high-risk for terror financing. This is too bad to hear. government is not meeting up with their duties that is why all This insecurities issues
This is so because the government agencies which suppose to be responsible to curb this act are not doing much in curbing it and this is sending bad signal to the international community that can help
With the recent happening and discovery made it is not out of place for Basel institute to rate Nigeria as such. Even the government officials are not helping matters. Some of them are caught in that very act of stacking money up for terrorist funding and other things.
Ranking high-risk for terror financing is really bad for the country. There’s no been any solid approach that has significantly tackled the level of terrorism. This somehow validates the claim of terrorism being sponsored by people in government.
This is ridiculous. It’s bad for our reputation to the rest of the world. The government who should be tackling these are not doing enough.
Corruption is just everywhere in Nigeria. The body language of our president shows that he is in support of the number 4th most dreadful terrorist in the world: the fulanis headsman. With somuch happening in Nigeria, I am not surprised that Basel institute ranks Nigeria high-risk for terror financing.