Recent Trends In Regulating Money Laundering & Terrorism Financing In The Banking, Insurance And Capital Market Sectors Of The Financial Economy Of Nigeria

In the recent past, more countries are becoming vulnerable to the risks of money laundering and its contagious effects. According to the International Monetary Fund (IMF), the scale of money laundering globally could be between 2% and 5% of World Gross Domestic Product at the very lowest. This translates into a range of anything between USDollars 590 billion to USD 1.5 trillion of laundered money per year. According to a very recent release by the Nigerian Economic and Financial Crime Commission (EFCC), an estimated $129 billion dollars (equivalent to N21 trillion Naira) was illicitly transferred out of Nigeria in the last ten years (20032013).