The Menace of Money Laundering in Nigeria: Issues, Challenges and Way Forward

Finance, Social Sciences

Money laundering is detrimental to the economic development and governance of a developing nation like Nigeria. It is a global challenge that has impacted major national economies. Given its severity, governments have continued to adopt AML policies and strategies that would help in stamping out the menace. Nigeria has over the years enacted laws and institutionalised processes necessary for fighting corruption and money laundering. However, they have proved ineffective as the prevalence of money laundering has continued to be on the upsurge. The study attempts to identify the issues and challenges of money laundering in Nigeria using the scoping review method. The study recommends, amongst other things, that the government should step up their political will and commitment to tackle money laundering. It is also recommended that the government should replicate the strategies used by the international communities which have worked for them and adopt state-of-the-art technological innovations to help uncover the trails of the illicit funds more effectively.

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