Nigeria and International Financial Crime Regulation: Past, Present and the Future
This essay argues that a correlation exists between Africa’s colonial history and its money laundering occurrences. Yet the global standards adopted to combat this crime do not consider the country’s peculiarities, a catalyst for unintended consequences. This argument is presented in three parts. The first part centers its discussion on the impact of Nigeria’s colonial history on money laundering and the regulation thereof. The second part focuses on the compliance trajectory of Nigeria and argues that the absence of a truly global framework hinders proactive compliance. The final part postulates that Nigeria has differing options to sustain a robust fight against ML/TF and concludes that a suitable outcome warrants the alignment of internal realities with the global standards.