LEGAL AND INSTITUTIONAL CHALLENGES TO FINANCIAL CRIMES IN NIGERIA

Abstract

It has been asserted by many legal and socio-economic scientists that an enabling economic environment is and ought to be the fulcrum upon which a virile democratic institution must be predicated. An enabling economic environment flows naturally from good governance which encompasses among others such products such as honesty, integrity, objectivity, observance of the rule of law, transparency and accountability. Relating these social identifiers back home, reveals a political cum-socio-economic institution bespoke with disconnect between democracy and good governance. Nigeria for instance, has oftentimes been derided in the comity of nations on grounds of trafficking in narcotics, human beings, ingenious international criminal activities as well as practising a local equivalent of fraudulent practices called ‘419’ which altogether besmear our already dented behavioural tradition. At moment, Nigeria is ‘stigmatized by an odious listing by Financial Action Task Force, as a non-compliant country to   international money laundering regulations. The contagion of Advance Fee Fraud has ravaged the nation since the mid 80’s. It is against this background, that the authors argued the need to utilise the provisional powers of the Economic and Financial Crimes Commission in demolishing the associated prevalence of crimes. The paper therefore maintained the need for a legislative amendment of the various provisions of law relating to Advance Fee Fraud, Money Laundering, and Miscellaneous Offences as well as Failed Banks. The authors concluded further that such legal amendments will bestow the biting teeth on the subsisting institutions charged with combating financial crimes.