The chairman of Nigeria’s Financial and Monetary Crimes Fee (EFCC), Abdulrasheed Bawa, has singled out the expansion of cryptocurrencies as one thing that now poses “a far better hazard to the world economic system.” Due to this fact, with a purpose to take care of such risks or threats, Bawa advocates for a “collective and collaborative strategy by authorities all over the world.”
Financial Crimes Hurt the World Monetary System
In keeping with a report by Vanguard, the EFCC chairman made these remarks whereas talking at a symposium organized by the Centre for Worldwide Documentation on Organized and Financial Crime (CIDOEC). In the meantime, on the identical assembly which was organized to debate the price of financial crimes and who ought to foot this invoice, Bawa is quoted explaining why nations should collaborate on this. He stated:
[Economic crimes] have an effect on the important constructions of world economies, inflicting important harm to the worldwide monetary system and depriving growing nations of the wanted assets for sustainable improvement.
Bawa additionally warned that developed nations, similar to their much less developed counterparts, should not immune from a scourge that has been magnified by “the proliferation of cyber-crimes which threatens the soundness of world monetary establishments.” To drive residence this level, Bawa makes use of the instance of how criminals are actually selecting “to transact or obtain unlawful monies [such as ransom money]for cyber-attacks in cryptocurrencies.”
Financial Crime Victims Should Not Bear the Value
Within the meantime, the EFCC chair additionally delved into the subject of who ought to bear the prices of financial crimes. The report quotes Bawa explaining his viewpoint on this matter. He stated:
“Because the victims of crime proceed to endure globally from the results of economic crimes, both immediately or not directly as a part of a social system, the willpower of who pays or who ought to pay turns into a vital measure of the prison justice system in place.”
Nonetheless, the EFCC chairman is adamant “that perpetrators and never the victims” needs to be made to pay for the crimes.
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