ipl-logo

Financial Crime In Nigeria Essay

1151 Words5 Pages

Disrupting Financial Crimes and Organised Crimes: Nigeria's Perspectives

Introduction and Background
Crime is as old as man and equally dynamic. Financial crimes in particular, are among the largest challenges facing businesses and financial institutions worldwide today. Though it may be difficult to quantify how much is being lost to financial crimes globally, it is generally believed that losses are growing steadily while annual losses are estimated to be in billions of dollars. Globalization or advancement in technology has opened up many possibilities for criminals to carry out financial crimes in new ways thereby complicating the wave of the crime. Besides taking advantage of technology, weak controls in the financial system and minimal …show more content…

In many kiting schemes several accounts at different banks are carefully manipulated to make it appear that the behaviour of the account is predictable and low risk thereby enticing the bank into advancing withdrawals against uncollected fund. Since many honest business accounts operate on overdrawn account balances, it is often difficult to detect the true kiting scheme. Left to run undetected, kiting can result in major losses to the …show more content…

This section under the chapter 38 of criminal code dealt with laws on obtaining properties by false pretence.
• Advanced Fee Fraud and other Related Offences Act of 1995
• The Economic and Financial Crimes Commission (EFCC) Act, passed in 2002 and amended by the EFCC (Establishment) Act of 2004, created the EFCC with the single establishment purpose of fighting financial crimes including Advance Fee Fraud, money laundering, fraud, and bank-related malpractices. EFCC is also charged with the responsibility of co-ordinating the various institutions involved in the fight against money laundering and enforcement of all laws dealing with economic and financial crimes in Nigeria.
• Money laundering (prohibition) act ,2011 as amended
• National Drug Law Enforcement Agency (NDLEA) Act, 1990. This was the first law made in Nigeria to make money laundering a criminal

Show More
Related

  • What Was Freedman's Savings Bank A Success Or A Failure

    932 Words  | 4 Pages

    According to a newspaper report, Reverend H.B. Dodell of the A.M.E. Church deposited eight hundred dollars into the Freedman’s Savings Bank. He lost nearly all of his deposit. The article stated that, “his wife is not the only ‘savings bank’ he will trust!” ("The Georgia Press. Feb 25, 1881,

    Read More

  • Earl Jones Case Study Essay

    572 Words  | 3 Pages

    Jones tried and played his cards right by using the system to his advantage and only going to small suburban branches, however red flags should still have risen at the suspicious activity occurring in the accounts. Jones clients believed that their money was being held in a trust account, in which Jones was handling money on behalf of his clients yet he held all of the money in his personal accounts this is something the bank was aware of. The fifth estate obtained documents of a bank memo proving that they were aware of Jones using his personal account for business, the matter was dropped (CBC,

    Read More

  • Federal Reserve System Pros And Cons

    548 Words  | 3 Pages

    Exchanges are for same-day settlement. In the consequence of the 2008 budgetary emergency, the Fed has given careful consideration to the hazard made when slack between when installments are made at a young hour in the day and when they are settled and accommodated. Expansive budgetary organizations are being forced by the Fed to enhance constant checking of installments and credit chance, which has been accessible just on a finish of-day premise. The Federal Reserve is focused on guaranteeing that buyer and group viewpoints educate Federal Reserve arrangement, research, and activities, with the mission of advancing a reasonable and straightforward customer budgetary administrations commercial center and viable group improvement, including for customarily underserved and financially helpless family units and

    Read More

  • Patriot Act Research Paper

    1249 Words  | 5 Pages

    Introduction If one takes the approach that terror can be a means of achieving political goals, one can therefore argue that the crimes of terrorism and money laundering are indeed distinctive in their nature. Nonetheless, in agreement with Dr. Mugarura in his PhD thesis, it can be stated that the distinction between both have been submerged since money launderers, narcotic drug dealers, and terrorists have established partnerships to use terror as a means of achieving their objectives. For this very reason, terrorists utilize typical money laundering methods to move money around and integrate it into the financial system. For the past 14 years anti-money laundering policies have been augmented by measures adopted in order to prevent the

    Read More

  • Wells Fargo Reputation Summary

    915 Words  | 4 Pages

    The WF sells strategy was so strict that he could not deposit a tax refund check payable to himself and his wife because he needed to open a joint account in order to deposit that check. Crowder says, “I did not leave Wells Fargo; they left me. You should not need to keep your hand on your wallet when you go to the bank.” In my opinion, no matter who or what is responsible, one thing is for certain, and that is that all management level will

    Read More

  • Andrew Jackson Bully Essay

    996 Words  | 4 Pages

    The War with the Banks, or the elimination of the Second Bank

    Read More

  • Uniform Commercial Code Essay

    1172 Words  | 5 Pages

    This may be our best defense in recouping on some of the lost funds. We could say the bank did not exercise ordinary care in that they didn’t have a check verification process in place to monitor for valid signatures and valid endorsements. In fact, there have been cases where banks have been held liable as the result of failing to act with reasonable ordinary care by not performing these duties. I would support this with the case of Lund v.Chemical Bank where the courts found that “a bank’s failure to follow its own internal policies and procedures is unreasonable”, thus the bank was held

    Read More

  • The Patriot Act Essay

    388 Words  | 2 Pages

    When it comes to suspicious activity reporting included in Section 352 of the USAPATRIOT Act, “suspicious may not necessarily mean the same thing to all people”. “An activity that may seem suspicious to an auditor or examiner may not raise the same red flag with a community bank executive, or even another examiner”(Proctor, 2003, p.1). This causes a serious problem in the way institutions comply with the requirements of suspicious activity reporting. With that said, suspicious activity reporting forms the cornerstone of the anti-money laundering goals set out by the USAPATRIOT

    Read More

  • The Role Of Organized Crime In Canada

    306 Words  | 2 Pages

    Our world is a very unique and everyday changing environment which brings many different experiences upon us. As we grow older by the day we learn and adapt to different environments. With population on the rise across our plant, people are starting to get more and more comfortable with fast incomes and negative ways to get around barriers that life has to offer us. Organized crime has been around for as long as human kind has existed, from Ancient Greece to today’s 21st century. Organized crime is always increasing as market demands go up, and the competition for wealth skyrockets.

    Read More

  • Zemiological Approach

    1350 Words  | 6 Pages

    The Threat Assessment of Transnational Organized Crime (TOC) by the United Nations Office on Drugs and Crime (UNODC) in 2010 came to the following conclusion in relation to organized crime: ‘Since the problem of TOC cannot be resolved purely through arrests and seizures, it cannot be reduced to a criminal justice issue. The

    Read More

  • White Collar Crime Essay

    830 Words  | 4 Pages

    White-collar crime is a financially motivated nonviolent crime committed by business and government professionals. The term “white-collar crime” was first used by criminologist Edwin Sutherland in 1939 for the various nonviolent crimes usually committed in commercial areas for financial gain. White-collar crimes are classified as fraud, bribery, Ponzi schemes, insider trading, labor racketeering, embezzlement, cybercrime, copyright infringement, money laundering, identity theft, and forgery. Even though these crimes are committed without the use of weapons or threats of physical violence, it does not mean that they don’t create victims as they might destroy a person life or a company’s life cycle.

    Read More

  • Organized Crime Policy Paper

    525 Words  | 3 Pages

    According to Steffensmeier, organized crime is one of the fields that are very difficult to evaluate, conduct research on, and develop policy recommendations. An organization called RICO (Racketeering Influenced and Corrupt Organizations) are aimed at organized crime but they do not define organized crime, instead they address “racketeering.” The key elements of organized crime are those involved in associate for the purpose of engaging in criminal activity on a sustained basis, they engage in enterprise crime by illegally providing goods or services, these activities require a fair amount of cooperation and organization. In addition, to size and degree of formal structure, criminal organizations can be identified and compared relative to their scope of criminal activities. Many of the groups specialize in prostitution and drugs, when other groups range from gambling, extortion, drug trafficking and other financial scams.

    Read More

  • Essay On Human Rights Violations In Nigeria

    1886 Words  | 8 Pages

    Frustrated with the abuse they face everyday, people in the region have no choice but to protest. Multinational oil companies (MNCs) and the Nigerian government respond to these protests by public executions, restrictions placed on the rights of the people and various other abuses such as rape, and the killing of innocent civilians. These various forms of human rights violations are performed with the help of Nigerian security forces hired by multinational oil companies. Despite all the countless violations and abuses by the oil companies, the region 's inhabitants are still yet to receive a proper procedure for pressing charges and seeking justice. When the Nigerian government does come up with a plan to combat these issues, the plan usually lacks a proper procedure and cannot be maintained in the long run.

    Read More

  • Essay On Poverty And Crime

    832 Words  | 4 Pages

    Poverty is defined as the state of being unable to fulfill basic needs of human beings. Poverty is the lack of resources leading to physical deprivation. Poor people are unable to fulfill basic survival needs such as food, clothing, shelter. These are the needs of lowest order and assume top priority. Poor people are unknown of their lack of voice, power, and rights, which leads them to exploitation.

    Read More

  • Advantages And Disadvantages Of Globalization In Nigeria

    1458 Words  | 6 Pages

    Low productivity and 7. Endemic corruption, greed. Given the Nigeria’s socio economic and political disposition Globalization presented more challenges for the country for it lacks what is needed to be relevant and deal with it untill the nation can achieve a certain measure of good governance, modest economic

    Read More

More about Financial Crime In Nigeria Essay

Open Document