A West African financial watchdog says heavy reliance on cash is a major problem. The Inter-Governmental Action Group Against Money Laundering, or GIABA, cites this as a key factor enabling crime in Nigeria and the region. Acting Director of Policy Dr. Jeffery Isima discussed this at a Lagos forum on women and transnational crime.
He explained that cash transactions are hard to trace, making illegal activities easier. GIABA is pushing for more financial inclusion and electronic payments to combat this. The group also highlighted human trafficking as a pervasive and devastating issue in West Africa, with children comprising most victims.
The head of Nigeria's Financial Intelligence Unit, Hafsat Abubakar Bakari, noted that trafficking generates massive annual profits. She stated that following the money trail is essential to dismantling these networks, which often use low-value transactions and third-party accounts. Poverty, unemployment, and porous borders in the region create conditions that traffickers exploit.
He explained that cash transactions are hard to trace, making illegal activities easier. GIABA is pushing for more financial inclusion and electronic payments to combat this. The group also highlighted human trafficking as a pervasive and devastating issue in West Africa, with children comprising most victims.
The head of Nigeria's Financial Intelligence Unit, Hafsat Abubakar Bakari, noted that trafficking generates massive annual profits. She stated that following the money trail is essential to dismantling these networks, which often use low-value transactions and third-party accounts. Poverty, unemployment, and porous borders in the region create conditions that traffickers exploit.
