money laundering

AdeniranRichardAdeniranRichard
edited February 2013 in General
If money laundering can be curbed,dis will be way out 4 unemployment youth in nigeria. all d political office holder should be using all dere embezzled money to invest in nigeria

Comments

  • LucjeromeLucjerome
    Money laundry is the bad thing to our people in this country which is bad.
  • [Deleted User][Deleted User]
    edited April 2013
    Money laundering is the process of concealing the source of money obtained by illicit means. The methods by which money may be laundered are varied and can range in sophistication. Money laundering often occurs in three steps. First, cash is introduced into the financial system by some means ("placement"); the second involves carrying out complex financial transactions in order to camouflage the illegal source ("layering"); and, the final step entails acquiring wealth generated from the transactions of the illicit funds ("integration") - Source: Wikipedia.

    Thus, investing embezzled money in the Nigerian economy is money laundering itself. A better alternative which I always advocate is for a proper structure to be put in place to legally cater for confiscated assets of public officers. I ask, where are the various funds 'collected' by the E.F.C.C?
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