The Minister of Interior, Rauf Aregbesola, on Friday, said some of the security challenges bedevilling Nigeria can be solved if the financial lifeline of terrorists is cut off.
The Minister shared this opinion at the inauguration of a 10-member inter-ministerial committee set up to implement the adoption and implementation of the assigned roles to the ministry in Abuja on Friday, July 29.
He said the inauguration was based on the Financial Action Taskforce (FATF) implementation roadmap adopted by the federal government. He said a great deal of the security challenges facing the county in recent times could be attributed to the activities of economic saboteurs “who indulged in illegal financial dealings to the detriment of the country”.
He, however, reaffirmed the federal government’s commitment to the fight against money laundering and terrorism financing in Nigeria.
“Let me reiterate the federal government’s unflinching commitment to the eradication of money laundering, financing of terrorism and related corrupt practices. This has made us willing and active partners with other African and indeed global partners in this advocacy and fight.
Some of the security challenges facing the country at the moment can be resolved if the financial lifeline of the actors were cut off. That some of them are still in business suggests strongly that they have strong internal or external financial linkages.” he said
The minister added that the menace posed a serious threat to economic development.
“As money laundering undermines the legitimate private sector and the integrity of financial markets, loss of control of economic policy, causes economic distortion, instability and loss of revenue, among others,” he said