Corruption as Impediment to Implementation of Anti -Money Laundering Standards in Nigeria
Folashade B. Okeshola

Corruption is widespread in Nigeria not because the people are different from people from other parts of the world, but because the conditions are ripe for it. There are many reasons why this is so. The motivation to earn income from among the populace is relatively stronger; exacerbated by poverty, unemployment and low wages. In Nigeria, accountability is generally weak, political competitions and civil liberties are often restricted. Laws and principles of ethics in government are poorly developed and the legal institutions charged with enforcing them are ill- prepared. The impediment to implementation of Anti - Money Laundering standards include Anti - graft Agencies been manned by corrupt personnel, pressure of organized crimes forces on enforcement officials, harassment of political opponents by law enforcement agencies, lack of cooperation by banks and other financial institutions in performing what is required by law, perceived high susceptibility of returned loot to corruption/ laundering all over again. On the whole, to shift from practice to result, it is suggested that there is need for improvement in the socio- economic life of the people and leadership by example; punitive measures on corruption practices and value re -orientation as well as independence of enforcement agencies concern with Anti -Money Laundering.

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