Herbert Wigwe, GMD, Access Bank Plc. |
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.
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