Led by the EFCC’s Secretary, Mohammed Hammajoda, the commission’s team engaged in peer reviews of complex frameworks to combat fraud, asset misappropriation, and the legal hurdles associated with recovering illicit gains. Professor Barry Rider, Founder and Executive Director of the symposium, highlighted the importance of addressing the identification and control of suspect wealth, including criminal property and unexplained assets.
Key topics explored include identifying and pursuing suspect wealth in cyberspace, the challenges of money laundering, sanctions, and the impact of anti-corruption measures on financial institutions. Dr. Umar Bello, Head of Strategic Intelligence Analysis at the EFCC, underscored the issues of third-party and trade-based money laundering, beneficial ownership concealment, and excessive cash transactions that obscure illicit funds. He recommended adopting effective case management and multilateral collaboration to strengthen efforts in asset tracing.
Justice John Tosho, Chief Judge of Nigeria’s Federal High Court, shared insights into the Nigerian criminal justice system’s approach to tracing and recovering suspect assets, emphasizing the ongoing efforts to ensure that fraudsters do not benefit from their crimes. The symposium attracted a diverse group of academics, judges, investigators, law enforcement officials, and policy makers from around the world, reflecting a broad commitment to tackling economic crime globally.
