In her reaction to this development, Lauretta Onochie made it known that effort of the Federal Government at blocking illegal flow of funds out of the country has started producing good fruit.
In addition, she made it known that foreign investors are coming into the country in their large numbers despite the rate of insecurity in Nigeria which she alleged is being sponsored by some people in the country.
Check out her post.
Meanwhile, this Good news is coming after Nigeria was punished over funds being laundered out of the country part of which is allegedly used to fund terrorist activities in Nigeria, Africa and other countries.
In 2019, the European Union included Nigeria and some other countries such as Ghana, North Korea, Saudi Arabia, Panama, Tunisia, Afghanistan, Yemen among others in the list of high risk countries under the EU Anti Money Laundering Directive.
Apart from reputational damage, countries found on this list are often put on watchlist while their financial relationship with the EU gets complicated over fear of sponsoring terrorist with the fund.
After the United Kingdom left the EU, the country came up with her own list of Nations under the dirty money blacklist with effect from January 1, 2021.
However, it has been confirmed that the UK has now strike out Nigeria and 20 other countries from the Money Laundering Country list.
Looking at this, the action of the FG through the CBN might have contributed to this development. Some weeks ago, the American Authority informed Nigeria that illicit funds are being transferred from the country to other countries and this is being done through Cryptocurrency channels. This act was fingered to have been used by Politicians, Drug Peddlers and others to transfer fund to terrorist thus strengthening their operation in Nigeria and other parts of the world.
In a swift response to this, the CBN took a decisive step by instructing all financial institutions to block accounts domiciled in their banks being used for the transaction of cryptocurrency trade.
Although, this action by the CBN generated a lot of reactions and backlash but it seems it is paying off as the latest announcement from the UK shows that the Laundering of funds from Nigeria to other places in an illegal way has been tackled to a reasonable level.
Credit: The Cable.
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