Modelling of money laundering and terrorism financing typologies (original) (raw)
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PROCEEDINGS OF THE 49TH ANNUAL CONFERENCE OF THE NIGERIAN ASSOCIATION OF LAW TEACHERS (NALT), 2016
Most of the methods orchestrated by criminals to launder money or finance terrorism involve the use of the financial system to transfer illicit funds. Financial institutions, in the context of this paper Banks, are most susceptible to abuse for this purpose. In order to protect themselves, it is essential that financial institutions that have adequate control and procedures in place that will enable them to report timeously any suspicious money lodgement or transfer and to know the person with whom they are also dealing with in combating the challenges of money laundering and terrorism financing.Therefore, there is need for a total compliance with Financial Action Task Force recommendations, anti-money laundering and combating financing terrorism laws coupled with the efforts of the Economic Financial Crimes Commission and other related bodies so that the act of money laundering and the flow of terrorist funding be blocked. The onerous task is that the Bank must be the watchdog in all these activities and must endeavour to do this proactively.