International records / OpenAlex research

Effectiveness of Nigeria's Financial System for Prevention of Money Laundering

Financial institutions are the catalyst for growth and development. They provide efficient payment system and facilitate the implementation of monetary policies. However they are more vulnerable to money laundering incidences than any other sector or subsector of the economy. The vulnerability of financial institutions is as a result of lack of due diligence which compromises their integrity, poor regulatory and supervisory framework and insider abuse, among others. Financial institutions should operate in a crime-free environment. They should be aware of the danger of doing business with mone…