Agents fear a surge in sophisticated financial crimes
The House of Commons Financial Crimes Committee has expressed concern about the proliferation of sophisticated financial crimes and the need to quickly halt their development.
Chairman of the commission, Ginger Obinna, said this at the Economic and Financial Crimes Commission (EFCC) defense hearing on the 2024 Appropriation Bill in Abuja on Tuesday.
“Financial crime poses a serious threat to the stability and development of all economies,” he said.
According to him, the country has witnessed a sharp increase in sophisticated financial crimes in recent years that require immediate response and robust defense mechanisms.
From money laundering to cybercrime, he said the challenges remained multifaceted and constantly evolving, adding that it was the Commission's duty to stay ahead of these threats.
He said it was imperative to adapt strategies and properly equip relevant institutions to counter forces seeking to undermine our country's economic health.
“The budget estimates before us today are more than just a collection of numbers. They reflect our commitment to creating an environment in which people can trust the financial institutions that drive our economy,” he said.
He said the commission was committed to providing the necessary resources to enable the EFCC to effectively carry out its important mandate.
Speaking on the challenges posed by the 2023 capital projects, EFCC Chairman Ola Olukyoede said, “Some of the capital projects we are implementing in 2023 are not from the 2023 capital projects; This is from the capital rollover of 2019.”
Source: dailypost.ng