The Federal Government, through the Vice President has called on countries in the West African sub-region to treat money laundering and other illicit financial crimes with zero tolerance.
Osinbajo said that governments in the sub-region had for long affirmed commitment to fighting money laundering and terrorist financing.
Osinbajo reiterated that criminal syndicates made use of technologies to bypass “conventional financial systems checkpoints and safeguards”, making them “ahead of government and the law”.
He said that governments must take strong measures against illicit financial crimes to curb corruption and terrorism and also enhance development. According to Osinbajo “What this means is that we are dealing with an existential threat; it is either we wipe it out or it wipes us out.
“This should spur us to treat money laundering and other financial crimes with zero tolerance; we must now back this intent with forceful action and visible results.
“While we acknowledge the steps we have taken individually and collectively in recent years, we cannot afford complacency at this time.
“It is actually the moment for us to redouble our efforts to show up the political will required to apply and implement the laws and framework that we have worked so hard to develop.”
He further urge countries to enhance collaboration in the areas of information sharing and develop mutual trust for one another, saying that this means that on the one hand Nigerians should rise above the temptations of secretiveness and mutual suspicion and on the other hand they must do everything in their power to sustain trust and confidence. He said this could be done by safeguarding every piece of information being shared across national databases.
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