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Crime & Public Services1 posts

EFCC Boss Suggests Global Collaboration Against Financial Crimes

Chairman of the Economic and Financial Crimes Commission Abdulrasheed Bawa, has called for collaboration and shared methodology by specialists internationally in curbing financial crime which, he noted, is a worldwide scourge as no country is spared from its destructiveness. 

Bawa expressed this in his feature address introduced at the 38th Cambridge International Symposium on Economic Crime, themed, "Financial Crime-Who pays and who should pay?" coordinated by the Center for International Documentation on Organized and Economic Crime (CIDOEC), Jesus College, University of Cambridge, United Kingdom (UK). 

As per him, financial crimes are unlawful demonstrations perpetrated for private benefit, “affect the vital structures of global economies, causing significant damage to the Global Financial System and depriving developing nations of.”

EFCC representative, Wilson Uwujaren, said the EFCC supervisor additionally said developed nations are not resistant to the scourge, which has "magnified with the proliferation of cyber-crimes which threaten the stability of global financial institutions.”

Talking on the new typologies of economic crimes like the development of digital currencies, Bawa said this "portend a far greater danger to the world economy as criminals now elect to transact or receive illegal monies (such as ransom money) for cyber-attacks in Cryptocurrencies with Bitcoin and Ethereum as the most commonly used medium of these exchanges. 

He recognized the decision of topic which he said offers a stage to question the difficulties of financial violations. "As the victims of crime continue to suffer globally from the effects of financial crimes, either directly or indirectly as part of a social system, the determination of who pays or who should pay becomes a critical measure of the criminal justice system in place,” he said.

He underlined the objectives of a fair-minded juries in guaranteeing that he "perpetrators of acts and not the victims pay for their crimes.”

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