The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has urged law enforcement agencies worldwide to strengthen partnerships in tackling cross-border economic crimes.
Olukoyede made the call at Jesus College, Cambridge, United Kingdom, while speaking on “Problems Facing Enforcement and Judicial Agencies in Dealing With Cross-Border Economic Crimes” during the 3rd Session on Cross-Border Organized Crime and Terror.
Representing the EFCC, the Director of Legal and Prosecution, Sylvanus Tahir (SAN), addressed over 1,000 participants at the 42nd International Symposium on Economic Crimes. He highlighted the challenges facing global enforcement agencies, including:
Sophistication and extensive networks of criminal syndicates,
Rapid advances in digital technology that enable swift cross-border movement of illicit funds,
Weak regulatory and enforcement frameworks across jurisdictions,
Difficulties in tracing, recovering, and repatriating stolen assets hidden abroad,
Inconsistent laws and regulations between countries,
Limited information sharing among international law enforcement bodies,
Poor national identity systems, and
Capacity gaps among agencies struggling to keep pace with increasingly sophisticated criminals.
“One of the major problems in dealing with trans-border financial crimes is the sophistication and extensive network of accomplices. Advances in digital technology make it easy for criminals to defraud their victims and move the proceeds of crime across several borders in minutes. This same sophistication makes tracing such proceeds extremely difficult,” Tahir explained.
Olukoyede emphasized that only through stronger global alliances, improved cooperation, and harmonized regulations can law enforcement agencies effectively confront the growing menace of cross-border economic crimes.
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