Prof. Aisha Maikudi, the Acting Vice-Chancellor of the University of Abuja (UniAbuja), has highlighted the severe threats posed by money laundering and terrorism financing to national security and financial systems globally.
She addressed the concerns at a public lecture held on Wednesday in Abuja, organized in collaboration with the University of California, San Francisco, under the faculty exchange program.
Speaking at the event-themed “Combating Money Laundering and Terrorism Financing in Developing Economies: The Role of Lawyers,” Maikudi emphasized the crucial role lawyers play in this fight.
She stated, “Money laundering and terrorism financing are global challenges with profound implications for our nation’s security, economic stability, and societal well-being.”
Maikudi outlined the detrimental effects of the illicit activities, noting that they not only fuel crime and corruption but also undermine the fundamental structures of legal and financial systems.
She stressed the importance of the legal profession in identifying, preventing, and combating these threats through adherence to rigorous legal practices, ethical standards, and a commitment to transparency and accountability.
“Lawyers are the gatekeepers of justice, entrusted with the responsibility to ensure that the rule of law prevails. The legal profession is uniquely positioned to address these threats effectively,” she added.
The lecture aimed to provide participants with a deeper understanding of the complexities surrounding money laundering and terrorism financing, reinforcing the indispensable role of lawyers in maintaining the integrity of financial systems and upholding the rule of law.
Meanwhile, the Economic and Financial Crimes Commission (EFCC) chairman, Olanipekun Olukoyede, has stressed the crucial role of blockchain and AI in tackling financial crime across Africa.
Speaking at the Pan-African Conference on Illicit Financial Flows and Taxation, he highlighted that the continent loses approximately $88.6 billion annually due to illegal money flows, significantly impacting development in infrastructure, healthcare, and education.
Olukoyede proposed using advanced technologies like blockchain and artificial intelligence to trace and recover illicit funds.
By Osondu Nwachukwu
