Nigerians’ knowledge level on Money Laundering and Corruption in 3 years of President Buhari’s administration

Since General Muhammadu Buhari became President in 2015, he has been reiterating his resolve to fight corruption in the country. Corruption is an offshoot of money laundering when it being viewed from the financial perspective.

Money laundering is the concealment of the origins of illegally obtained money, typically by means of transfers involving foreign banks or legitimate businesses while corruption represents dishonest or fraudulent conduct by those in power, typically involving bribery.

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Money laundering and corruption occur when people altered systems entrenched by government’s institutions. The impacts of the money laundering have been found to be significant on manufacturing od domestic products, socioeconomic, finance, politics, security, and oil and gas sector.

To the pioneer Chairman of the Economic and Financial Crimes Commission (EFCC), Nuhu Ribadu, several money laundering frauds happen in Nigeria with the active connivance of banks and their workers.

 “Our banking system is prone to abuse by corrupt elements. As investigations reveal every now and then, almost no case of corruption occurs without the involvement of banks and bankers,” he said.

Despite the negative consequences of money laundering, analysis has revealed that Nigerians and other nationals in the country had interest in understanding corruption than money laundering between May 29 2015 and May 29 2018. This indicates that anti-money laundering and corruption agencies need to do more on awareness campaign about the genesis of corruption, money laundering.