The International Police Organization (INTERPOL) has revealed that large sums of money, estimated to be in the hundreds of thousands of dollars, are being laundered out of Nigeria every hour, destined for other African countries and worldwide.

This illicit financial activity has reached alarming levels, necessitating a collaborative effort from security agencies globally.

Garba Baba Umar, INTERPOL’s Vice President for Africa, made this disclosure at the EFCC Academy in Abuja, during a four-day workshop for Nigerian law enforcement agencies.

He emphasized the need for a united front against money laundering and introduced the “Silver Notices Against Money Laundering” initiative to combat this scourge.

Umar highlighted the severe consequences of money laundering, including increased crime, drug trafficking, fraud, corruption, and violence. He assured that the “Silver Notices” initiative would make it more challenging for criminals to launder illicit funds worldwide.

The workshop, themed “Strengthening Capacity and Coordination against Financial Crimes,” aims to enhance the capacity of law enforcement agencies to combat transnational financial crimes. Speakers, including the EFCC Chairman, Ola Olukoyede, and the Japanese Ambassador to Nigeria, Kazuyoshi Matsunaga, emphasized the importance of collaboration and international cooperation in tackling financial crimes.

The Director-General of the Nigerian Financial Intelligence Unit, Hafsat Bakare, stressed the need for strengthened capacity and coordination, highlighting the significance of financial intelligence and analysis techniques in combating economic crimes.