FG: Cryptocurrency facilitates money laundering, other crimes

…seeks enabling regulations

The Presidential Advisory Committee Against Corruption (PACAC), has warned that Cryptocurrency has the potential of facilitating financial crimes, especially money laundering, if not regulated.
To maximise the benefits accruable from the emergence of the currency, therefore, the PACAC has called for a multi-pronged approach, by way of policy and legislative frameworks, and other criminal justice responses.
Chairman of PACAC, Prof. Itse Sagay (SAN), expressed the concern at a one-day interactive dialogue with the theme, “Global Trends In Cryptocurrency: Opportunities And Risks”.
This dialogue was aimed at discussing the potentials of cryptocurrencies in contributing to the development of the nation’s economy, viz-a-viz the mitigation of accompanying risks.
Specifically, Sagay submitted that Cryptocurrency “can be used as object of crime, including money laundering”.
He stated this in his opening remarks at the virtual dialogue, which had presentations from the Ministry of Finance, Budget and National Planning, Ministry of Justice, the Economic and Financial Crimes Commission (EFCC), among other critical stakeholders.
Earlier, the presidential advisory committee had noted that: “The development, wide utilisation and impact of virtual currencies across the world are both beneficial and risky”.




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