Money laundering in Nigeria's designated non-financial businesses and professions: The corruption nexus
Keywords:
Money, laundering, corruption, crime, non-financial businesses, corruptionAbstract
This study investigates Money Laundering within Designated Non-Financial Businesses and Professions (DNFBPs), which play critical roles in Nigeria's financial transactions and economic development. DNFBPs include notaries, accountants in metals and precious dealers, lawyers, real estate agents, among others that provide essential services in the formal and informal sectors of the Nigerian economy. The Anti-Money laundering operational legal instruments for combating financial and economic crimes in Nigeria lack monitoring and regulatory provisions on the operations of DNFBPs. This setback in the law opened a floodgate of criminality, especially money laundering in the institution. The study found a causal link between corruption and money laundering as the former paved the way for the latter, directly affecting the national economy. The study interrogated the sources of DNFBPS capital and investors, and findings revealed that while banks and other financial institutions are under frequent surveillance by the law to ensure economic stability, DNFBPS graces without boundaries in their operations, serving as safe havens for money launderers. Therefore, the government urgently needs to strengthen its anti-money laundering agencies to watch DNFBPs in the country against economic and financial crimes.
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