19th August, 2015
Ribadu said this in Abuja at the Second Anti-Money Laundering/Combating Financial Terrorism Stakeholders Consultative Workshop, organised by the Association of Certified Anti-Money Laundering Specialists (ACAMS).
He said that Nigeria lost a lot of money that could be put into building necessary infrastructure to criminal activities.
“Everything that is wrong about Nigeria came from dirty money. If you can follow it, get it back and punish these people, then you have cured the problem of Nigeria.
“When I look around I see a lot of investments that were done with dirty money. Government needs help to identify and arrest these people.
“Though it may seem like a daunting task, with professionals like ACAMS, Nigeria is ready to achieve this,’’ he said.
He stressed the importance of collaboration among relevant stakeholders to fight money laundering and terrorism financing.
He said a strong anti-graft institution was non-negotiable in the fight against money laundering, and called for the strengthening of the EFCC and other relevant agencies.
Ribadu said the restructuring of the banking sector helped to restore confidence in the economy.
According to him, the strengthening of the banking sector helped in the recovery of N200 billion from money launderers within six months of the reform.
He said 75 million dollars was also returned to victims of fraud all over the world.
“In 2003, Nigeria was on the black list of most developed countries, especially U.S., for money laundering.
“This meant that our financial institutions found it difficult doing business in foreign lands.
“We could not use MasterCard, visa card or credit card. Our financial institutions could not access international loan. At one time, it was almost impossible for a Nigerian to open an account in the U.S or UK.
“Nigerians travelling abroad were subjected to serious scrutiny relating to drugs, terrorism and money laundering. The list is endless.
“But now things are changing. Nigerian banks are now listed on the London Stock Exchange and getting access to foreign loans.
This is a sign of improvement; however, more can be done,’’ he said.
Ribadu said there were more illegal monies to be recovered and urged government not to relent in tracking stolen money.
Meanwhile, the Deputy Governor, Financial System Stability, Central Bank of Nigeria, Mr Okwu Nnanna, said to curb money laundering, virtual currencies must be regulated.
He described virtual currency as unregulated, digital money, issued, controlled by its developers, and used and accepted among members of a specific community.
Nnnanna said that virtual currency was dangerous since was not a legal tender of any country.
“It has a bounder less nature without jurisdiction which makes it a channel for money laundering.
“Financial Action Task Force FATF) has observed that virtual currency payment products and services (VCPPS) present opportunity for money laundering and other crime risk that must be identified and mitigated.
“Virtual currencies present a wide range of issues and challenges that require financial authorities to consider and the challenges posed are unique and call for urgent regulator responses.
“I want to join voice with FATF to urge industry players to cooperate and work actively together to address the concerns and challenges raised by the use of virtual currencies in the global financial market.’’