‘Proliferation Of Cryptocurrencies Poses Greater Threat To World Economy’ – Nigeria’s EFCC Boss At Global Crime Parley!

EFCC boss Bawa.

Chairman, of Nigeria’s anti – corruption ombudsman,Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, says the proliferation of cryptocurrencies like Bitcon portrays serious danger to the world economy.

The EFCC boss made the observation while delivering a keynote address on Monday at the 38th Cambridge International Symposium on Economic Crime, themed, “Economic Crime-Who pays and who should pay?”, organized by the Center for International Documentation on Organized and Economic Crime (CIDOEC), Jesus College, University of Cambridge,United Kingdom.

Describing cryptocurrencies as the new typologies of economic crimes, Bawa said criminals now elect to transact or receive illegal monies such as ransom money in digital currency, noting that Bitcoin and Ethereum were the most commonly used medium of these exchanges.

He therefore, called for a collective and collaborative approach by authorities around the world in dealing with the challenges of financial crimes which, he said had become a global scourge as no nation is spared its virulence.

He said economic crimes which are largely illegal acts committed for private gain, “affect the vital structures of global economies, causing significant damage to the Global Financial System and depriving developing nations of the needed resources for sustainable development”.

Read Also:’Southeast Needs Special Anointing From God To Produce The Next President In 2023′ – Governor Umahi

Read Also:Military Jets Bombard;Smoke Out Bandits In Zamfara State!

Read Also:President Buhari Names Vice President Osinbajo Health Sector Reform Committee Chairman!

Read Also:’Those Who Play With Fire, Risk Getting Their Fingers Burnt

Tinubu’s Loyalists Drag APC, Buni To Court, Want Congresses Nullified!

Read Also’Rivers People Are Tired Of Wike’s Clueless; Irresponsible Administration’-Dakuku Peterside!

PDP Crisis:Secondus Insists His Tenure End December 9… Asks Appeal Court To Affirm His Four-Year Tenure!

Read Also’Living Abroad Is Not Easy; Bad As E Bad, Nigeria Still Make Brain’ – Artiste Korra Obidi!

Read Also:How Buhari Broke The Jinx At NNPC

Read Also:Gallant Security Operatives Repel Attack On Zamfara Community After Fierce Gun Battle With Bandits!

Read Also:402 Suspects Arrested In 3 Months As Lekki Becomes Nigeria’s New Haven Of Cyber Crimes -EFCC!

Read Also:’Those Who Crippled Nigeria Are Mischievously Distorting Amaechi’s Comments On Corruption To Score Cheap Political Goals – Ally Chukwuemeka Eze!

Read Also:Implemention Of NDDC Forensic Audit : A Test Of President Buhari’s Integrity!

Read Also:’I Will Show You Pepper’…You ‘re Useless -Angel,Boma Bicker On BBNaija S6 Set!

Read Also:How Arrested Abductor Of Kaduna College Of Forestry Students Killed His Wife’s Father; Former Husband!

He also noted that developed countries are not immune from the scourge, which he said has “magnified with the proliferation of Cyber-crimes which threatens the stability of Global Financial Institutions.”

Also read  Rivers APC Crisis: Purported Suspension Of Amaechi Clownish, Sign Of Desperation- Party Chieftain To Abe, Aguma!

The EFCC boss also commended the choice of theme which he said offers a platform to interrogate the challenges of economic crimes.

“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 imperatives of an impartial judiciary in ensuring that “the perpetrators of acts and not the victims pay for their crimes.”

While highlighting some of the transparency and accountability achievements of the Nigerian Government under the leadership of President Muhammadu Buhari including enactment and amendment of relevant laws to enhance public accountability and reforms such as Treasury Single Account and the Whistle Blower Policy amongst others;  Bawa pointed out that the EFCC, as the rallying point in the fight against economic crimes in Nigeria, has recorded important milestones in investigations, prosecutions and assets recovery.

His words :”Since its establishment in 2003, the Commission has recorded no less than 3,500 convictions and recovered assets of significant value including properties in Nigeria, the UK, USA, and the UAE. All these have measurably contributed to the national efforts against economic crimes in Nigeria”.

The EFCC boss concluded by challenging participants to come up with practical solutions to curb the international threat of economic crimes.

Chairman of the Symposium, Mr. Saul Froomkin, thanked the EFCC boss for his insightful presentation, and the support received from Nigeria in organizing the event.

Also read  Rivers APC Chieftain Lauds President Buhari For Appointing A Seasoned; Resourceful Rivers Daughter Into Federal Housing Authority Board!

Participants at the Symposium were drawn from law enforcement and security agencies, accountability institutions and select stakeholders from across the World.

Leave a Reply

Your email address will not be published. Required fields are marked *