By Frank Momoh
The Chairman, Economic and Financial Crimes Commission (EFCC), Mr. Abdulrasheed Bawa, on Monday said the growth of cryptocurrencies portray a far greater danger to the world economy
According to him, criminals now elect to transact or receive illegal monies: such as ransom money for cyber-attacks in cryptocurrencies.
He revealed that Bitcoin and Ethereum are the most commonly used medium of these exchanges.”
Since establishment in 2003, the EFCC boss, said the Commission has recorded no less than 3,500 convictions and recovered assets of significant value including properties in Nigeria, the United Kingdom (UK), United States (US), and the United Arab Emirate (UAE).
All these have measurably contributed to the national efforts against economic crimes in Nigeria, he said.
To win the war especially against economic crimes at the global level, he advocated collective and collaborative approach by authorities in dealing with the challenges of financial crimes which, he noted, is a global scourge as no nation is spared its virulence.
This was contained in a keynote address he presented 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, UK.
According to him, 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.”
He noted that developed countries are not immune from the scourge, which has “magnified with the proliferation of Cyber-crimes which threatens the stability of Global Financial Institutions.”
“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.
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.
The EFCC boss urged participants to come up with practical solutions to curb the international threat of economic crimes.
The 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.