Interagency and global coalitions in combating illicit financial flows: the case of Nigeria

Kolawole Ebire and Patrick Olasehinde Daniels

Journal of Money Laundering Control, 2022, vol. 26, issue 5, 1007-1015

Abstract: Purpose - This paper aims to assess the roles of agencies in combating illicit financial flows (IFFs) in Nigeria. Specifically, this paper explores the roles of the major anti-corruption agencies – the Economic and Financial Crimes Commission (EFCC) and Independent Corrupt Practices and other Related Offences Commission (ICPC) – in curbing IFFs in Nigeria. This paper reviews the various activities and achievements of these agencies in combating IFFs and concludes that in spite of the effort made by these anti-graft agencies, Nigeria still ranks top among African countries suffering from IFFs. Therefore, this study recommends a need for a collective and coordinated strategy by authorities worldwide to address the difficulties posed by financial crimes. Design/methodology/approach - This study reviews the roles of anti-graft agencies in combating IFFs in Nigeria. Specifically, this study explores the roles of EFCC and ICPC in combating IFFs. Findings - This study concludes that in spite of the effort made by Nigeria’s anti-graft agencies, IFFs have continued to increase thereby impeding the effort to achieve Sustainable Development Goal 16.4 – reduce IFFs. Originality/value - This study contributes to the existing body of knowledge by exploring Nigeria's major anti-graft agencies and their effort in curbing IFFs in Nigeria.

Keywords: Illicit financial flows; EFCC; ICPC; Nigeria (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jmlcpp:jmlc-05-2022-0065

DOI: 10.1108/JMLC-05-2022-0065

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