The chairman of Nigeria’s Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, has singled out the development of cryptocurrencies as one thing that now poses “a far better hazard to the world financial system.” Therefore, so as to cope with such risks or threats, Bawa advocates for a “collective and collaborative method by authorities round the world.”
Economic Crimes Harm the Global Financial System
According to a report by Vanguard, the EFCC chairman made these remarks whereas talking at a symposium organized by the Centre for International Documentation on Organized and Economic Crime (CIDOEC). Meanwhile, at the similar assembly which was organized to focus on the value of financial crimes and who ought to foot this invoice, Bawa is quoted explaining why nations should collaborate on this. He stated:
[Economic crimes] have an effect on the very important constructions of world economies, inflicting important harm to the world monetary system and depriving growing nations of the wanted sources for sustainable improvement.
Bawa additionally warned that developed nations, identical to their much less developed counterparts, are usually not immune from a scourge that has been magnified by “the proliferation of cyber-crimes which threatens the stability of world monetary establishments.” To drive house this level, Bawa makes use of the instance of how criminals at the moment are selecting “to transact or obtain unlawful monies [such as ransom money]for cyber-attacks in cryptocurrencies.”
Economic Crime Victims Must Not Bear the Cost
In the meantime, the EFCC chair additionally delved into the subject of who ought to bear the prices of financial crimes. The report quotes Bawa explaining his viewpoint on this matter. He stated:
“As the victims of crime proceed to undergo globally from the results of economic crimes, both straight or not directly as a part of a social system, the dedication of who pays or who ought to pay turns into a essential measure of the prison justice system in place.”
Still, the EFCC chairman is adamant “that perpetrators and never the victims” needs to be made to pay for the crimes.
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