The chairman of Nigeria’s Financial and Monetary Crimes Fee (EFCC), Abdulrasheed Bawa, has singled out the expansion of cryptocurrencies as one thing that now poses “a far higher hazard to the world economic system.” Subsequently, with a purpose to take care of such risks or threats, Bawa advocates for a “collective and collaborative strategy by authorities world wide.”
Financial Crimes Hurt the World Monetary System
In response to a report by Vanguard, the EFCC chairman made these remarks whereas talking at a symposium organized by the Centre for Worldwide Documentation on Organized and Financial Crime (CIDOEC). In the meantime, on the identical assembly which was organized to debate the price of financial crimes and who ought to foot this invoice, Bawa is quoted explaining why international locations should collaborate on this. He stated:
[Economic crimes] have an effect on the very important constructions of world economies, inflicting important harm to the worldwide monetary system and depriving creating nations of the wanted assets for sustainable improvement.
Bawa additionally warned that developed international locations, similar to their much less developed counterparts, should not immune from a scourge that has been magnified by “the proliferation of cyber-crimes which threatens the steadiness of world monetary establishments.” To drive residence this level, Bawa makes use of the instance of how criminals are actually selecting “to transact or obtain unlawful monies [such as ransom money]for cyber-attacks in cryptocurrencies.”
Financial Crime Victims Should Not Bear the Price
Within the meantime, the EFCC chair additionally delved into the subject of who ought to bear the prices of financial crimes. The report quotes Bawa explaining his viewpoint on this matter. He stated:
“Because the victims of crime proceed to endure globally from the results of monetary crimes, both instantly or not directly as a part of a social system, the willpower of who pays or who ought to pay turns into a essential measure of the felony justice system in place.”
Nonetheless, the EFCC chairman is adamant “that perpetrators and never the victims” needs to be made to pay for the crimes.
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