Wigwe Urges Global Commitment In Fighting Money Laundering Terrorism Financing
Group Managing Director of Access Bank Plc, Mr. Herbert Wigwe has said there must be global commitment in pursuit of fight against money laundering and terrorist financing.
Delivering a lecture at the DataPro Limited’s 20th anniversary held in Lagos, Wigwe said the relevant regulatory bodies and agencies have to be persistent in bringing up effective measures to reduce financial crimes and misconduct and ensuring that perpetrators are brought to book. “There must be clear technical assistance where required, as well as sound policy development,” he added.
According to Wigwe, “I believe that the collaboration of Law Enforcement Agencies with the various Banking Fora in the country such as the Bankers’ Committee, Committee of Chief Inspectors, Committee of Chief Compliance Officer etc; and Inter-Agency cooperation in sharing intelligence information will go a long way to assist in the fight against money laundering and terrorist financing.
He warned, “Today’s criminals are sophisticated and organised, and are continuously evolving their methods to keep pace with emerging channels of delivery, new policies and technology advances with a low probability of being caught or prosecuted. It is often difficult to spot fraud, financial misconduct, money laundering or terrorist financing. However, large financial transactions, suspicious behaviour and vague or confusing contracts should spark concern for further enquiries and prompt further investigation.”
Chairman of the occasion, who is the Director General, West African Institute for Financial & Economics Management, WAIFEM, Prof Akpan Ekpo counseled that the processes, inter-connectedness as well as the mechanisms for laundering stolen money are so complex and complicated that fighting against it requires committed political sagacity.