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EFCC AND
FIGHT AGAINST MONEY LAUNDRING IN NIGERIA BETWEEN 2013 AND 2014
ABSTRACT
The research
topic on EFCC and fight against money laundering in Nigeria between 2013 and
2014 aimed at determine the effect EFCC participation on the alleviation of
money laundering in Nigeria. the study looked at the concept of money
laundering and some theories to back it up, the primary data was used for the
purpose of the research work; and chi-square was used for the purpose of the
analysis; the p-value of 0.00 which is less than 0.05 level of significance we
concluded that there is significant effect of EFCC participation in the
alleviation of money laundering on the economic development of Nigeria.
Major
recommendations were made on the level of crises in Nigeria since it was
discovered that most of the terrorist attacks on Nigeria were mastermined by
money looters in Nigeria.
CHAPTER ONE
1.0
INTRODUCTION
1.1
BACKGROUND OF STUDY
Money
laundering in Nigeria has become something else in recent times; there have
been an endless war against corruption and money laundering. Money laundering
is usually found mostly in the federal government parastaters. A fight against
money laundering have always been a lost battle but the EFCC is doing their
best to bring it to minimum if not the resolve it.
Money
laundering is an act of taking money that is not duely assigned to you. The
money might be for the purpose of budget. There was a memo as at novernber 20,
2014 submitted by the Chief of Air Staff, A.N. Amosu, revealed that Mr. Eze had
on November 4, 2014 submitted a proposal to the office of the National Security
Adviser proposing to supply the upgraded helicopters to the NAF. The tone of
Mr. Eze’s letter, obtained by us, indicated that he was deeply involved in
sourcing and supplying hardware to the Nigerian military as it is embroiled in
a fight against Boko Haram militants. For instance, on August18, 2014 alone,
the sum of N26.68m in eight transactions; N178.54m in 43 transactions on August
19, 2014; N17.38m on September 3, 2014; N90.53m on November 11, 2014; N30.70m
on November 11, 2014; N13.54m on November 26, 2014; N67m on December 5, 2014;
and N10.80m on December 16, 2014 what are all these money for? There is money
laundering all over Nigeria in recent times.
In the year
2013, the governor of Benue state was interrogated by the EFCC concerning some
amount of money he is taking out of the country; question was asked concerning
the money, the governor told the EFCC of Nigeria that he was going to get
foreign pigs for agriculture in Benue state.
According to
Steel (2006), money laundering is said to be what it is because it shows how “illegal”
and “dirty” monies are put through a cycle of transactions and washed, so it
could come out as clean/legal money. This means that the source of this fund
(illegal money) is obscured through a succession transfers and deals that those
same funds can eventually be made to appear as good money. In the Dictionary of
Finance and Banking (2008), this term “money laundering” was refers to as a
process where money is acquired illegally either through theft, drug dealing
etc, is cleaned so that it will appear to have come from a legitimate source.
The origin of this “devil” (money laundering) could not be ascertained by
anyone, but there are several opinions that it started several thousand years
ago with Chinese merchants. In the words of silkscreen (1994) and Steel (2006)
they claimed that it all started from Mafia Ownership of Laundromats, in the
United States where they needed to prove the genuine source for their monies,
as they earned their cash from extortion, prostitution, gambling and bootleg
liquor. Also according to silkscreen (1994), the development of money
laundering was for trade and that Nigeria as a country is the centre of money
laundering in Africa. Nigeria’s historical record of exploitation goes as far
back as when her people were used as slaves under British colony and as an
independent and a sovereign country experiencing transition from a military
dictatorship to a democratic form of government after over 16years of military
rule. Now, with the democratic form of government, money laundering is still on
the increase. With this rate of scans in Nigeria financial sector, the law
enforcement decided to come up with legislative act called the money laundering
(prohibition) Act 2004, this was followed by the Central Bank of Nigeria (CBN)
Anti-money laundering compliance manual guidelines from Economic and Financial
Crimes Commission (EFCC, 2003), Independent Corrupt Practices Commission ICPC,
2000). All agencies were changed with the responsibility of fight against money
laundering and enforcement of all laws dealing with economic and financial
crimes in Nigeria.
1.2
STATEMENT OF PROBLEM
EFCC have
been trying to bring down money laundering in Nigeria but it is difficult to
fight against the parastater that created the EFCC, the issue of money
laundering is on the increase in Nigeria. ranging, money laundering through
drugs, cheating and stealing. Every administration that is coming in always
promise to fight corruption but at the end of the day, they became corrupt or
they make it worse. People have being crying; who could make it right. The
federal government of Nigeria and the EFCC are really fighting to bring down
corruption in Nigeria.
1.3 RESEARCH
QUESTION
1. Will the EFCC participation in other
activities make them effective in preventing money laundering?
2. What are
the roles of the federal government of Nigeria in fighting corruption?
3. Does
corruption have any significant effect on the growth and development of
Nigeria?
4. What are
the importance of money of laundering?
5. What are
the best ways of stopping money laundering?
6. Does money laundering have significant effect
on the future leaders?
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