Sunday, 22 November 2015


Herbert Wigwe, GMD, Access Bank Plc.
The Group Managing Director of Access Bank Plc, Mr. Herbert Wigwe, has asserted that the world must be resolute in the process of curbing money laundering and terrorist financing.

The Access Bank boss made this assertion while delivering a lecture at the DataPro Limited’s 20th anniversary which took place Lagos. He stated that all relevant regulatory bodies and agencies had to be tenacious in introducing efficient measures to lessen financial crimes and misconduct and ensuring that culprits were brought to book.

In his own words: “There must be clear technical assistance where required, as well as sound policy development. I believe that the collaboration of Law Enforcement Agencies with the various Banking Fora in the country such as the Bankers’ Committee, Committee of Chief Inspectors, Committee of Chief Compliance Officer etc; and Inter-Agency cooperation in sharing intelligence information will go a long way to assist in the fight against money laundering and terrorist financing.

“Today’s criminals are sophisticated and organised, and are continuously evolving their methods to keep pace with emerging channels of delivery, new policies and technology advances with a low probability of being caught or prosecuted. It is often difficult to spot fraud, financial misconduct, money laundering or terrorist financing. However, large financial transactions, suspicious behaviour and vague or confusing contracts should spark concern for further enquiries and prompt further investigation.”

In his own speech, the Director General of West African Institute for Financial & Economics Management, (WAIFEM), Professor Akpan Ekpo, who was the chairman of the occasion, advised that the processes, inter-connectedness as well as the mechanisms for laundering stolen money were so complicated and difficult that fighting against it requires committed political wisdom and understanding.