Financial space must be concerned about the potential of loopholes to engage illegal transactions
Participants should always consider financial crimes are linked to all classification of criminal activities
Tafawa Pierre, Head of the Financial Intelligence Unit (FIU) has said that every sector that has anything to do with the financial space must be concerned about the potential of questionable characters using loopholes to engage illegal transactions.
Addressing the opening ceremony of a 4-day training on “Asset Recovery, Money Laundering and Crypto- Currency” with staff of the Customs, Airport Security, Criminal Investigating Department, Prosecution, Inland Revenue Department, the Integrity Commission and staff at the FIU, Pierre said that its important all the stakeholders work together to fight financial crimes.
“They the criminals will find innovative ways to do business, in some instances we are already behind ten steps, but we have to do what it takes to educate and increase awareness, so this training is one aimed at building a broad base capacity among our stakeholders,” he said. “At the end of the training I want you to see yourself as part of the network of fighting financial crimes, and you will be adding value to work done to combat money laundering and asset recovery,” he told the participants.
Giovanni James, Senior Legal Advisor at the Regional Security Systems (RSS), Asset Recovery Unit, (ARU) explained that fighting financial crimes should be seen from a wider perspective will the full aim of getting the message out that crime does not pay.
“Most people commit crimes for profit, and our work is coming up with innovative ways to take the profit out of crimes so that the young generation will not see it as normal. However, it’s important that the people on the ground must have the working tools because if these persons on the ground do not have the tools to fight crime, nothing will get done. This training is part of the process to update you,” he said.
James also advised the participants to not be myopic in their thinking and should always consider that financial crimes are linked to all classification of criminal activities.
Some of the topics to be covered in the training include: What is money laundering; the Role of Customs and Airport Security, the role of Inland Revenue in Asset Recovery, Restraint and Confiscation, Cash Seizure and Methodologies and Typologies.