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Title: :  The Menace of Money Laundering in Nigeria: Issues, Challenges and Way Forward
PaperId: :  17932
Published in:   International Journal Of Advance Research And Innovative Ideas In Education
Publisher:   IJARIIE
e-ISSN:   2395-4396
Volume/Issue:    Volume 8 Issue 4 2022
DUI:    16.0415/IJARIIE-17932
Licence: :   IJARIIE is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Author NameAuthor Institute
Dr. Okoye Victor O.Federal Polytechnic Oko, Anambra State, Nigeria
Dr. Okoye Chinasa R.Federal Polytechnic Oko, Anambra State, Nigeria
Nwisienyi Kenechukwu J.Federal Polytechnic Oko, Anambra State, Nigeria

Abstract

Finance, Social Sciences
Money Laundering, Anti-Money Laundering, Financial Crime, Economy, Corruption
Money laundering is detrimental to the economic development and governance of a developing nation like Nigeria. It is a global challenge that has impacted major national economies. Given its severity, governments have continued to adopt AML policies and strategies that would help in stamping out the menace. Nigeria has over the years enacted laws and institutionalised processes necessary for fighting corruption and money laundering. However, they have proved ineffective as the prevalence of money laundering has continued to be on the upsurge. The study attempts to identify the issues and challenges of money laundering in Nigeria using the scoping review method. The study recommends, amongst other things, that the government should step up their political will and commitment to tackle money laundering. It is also recommended that the government should replicate the strategies used by the international communities which have worked for them and adopt state-of-the-art technological innovations to help uncover the trails of the illicit funds more effectively.

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IJARIIE Dr. Okoye Victor O., Dr. Okoye Chinasa R., and Nwisienyi Kenechukwu J.. "The Menace of Money Laundering in Nigeria: Issues, Challenges and Way Forward" International Journal Of Advance Research And Innovative Ideas In Education Volume 8 Issue 4 2022 Page 1645-1653
MLA Dr. Okoye Victor O., Dr. Okoye Chinasa R., and Nwisienyi Kenechukwu J.. "The Menace of Money Laundering in Nigeria: Issues, Challenges and Way Forward." International Journal Of Advance Research And Innovative Ideas In Education 8.4(2022) : 1645-1653.
APA Dr. Okoye Victor O., Dr. Okoye Chinasa R., & Nwisienyi Kenechukwu J.. (2022). The Menace of Money Laundering in Nigeria: Issues, Challenges and Way Forward. International Journal Of Advance Research And Innovative Ideas In Education, 8(4), 1645-1653.
Chicago Dr. Okoye Victor O., Dr. Okoye Chinasa R., and Nwisienyi Kenechukwu J.. "The Menace of Money Laundering in Nigeria: Issues, Challenges and Way Forward." International Journal Of Advance Research And Innovative Ideas In Education 8, no. 4 (2022) : 1645-1653.
Oxford Dr. Okoye Victor O., Dr. Okoye Chinasa R., and Nwisienyi Kenechukwu J.. 'The Menace of Money Laundering in Nigeria: Issues, Challenges and Way Forward', International Journal Of Advance Research And Innovative Ideas In Education, vol. 8, no. 4, 2022, p. 1645-1653. Available from IJARIIE, https://ijariie.com/AdminUploadPdf/The_Menace_of_Money_Laundering_in_Nigeria__Issues__Challenges_and_Way_Forward_ijariie17932.pdf (Accessed : ).
Harvard Dr. Okoye Victor O., Dr. Okoye Chinasa R., and Nwisienyi Kenechukwu J.. (2022) 'The Menace of Money Laundering in Nigeria: Issues, Challenges and Way Forward', International Journal Of Advance Research And Innovative Ideas In Education, 8(4), pp. 1645-1653IJARIIE [Online]. Available at: https://ijariie.com/AdminUploadPdf/The_Menace_of_Money_Laundering_in_Nigeria__Issues__Challenges_and_Way_Forward_ijariie17932.pdf (Accessed : )
IEEE Dr. Okoye Victor O., Dr. Okoye Chinasa R., and Nwisienyi Kenechukwu J., "The Menace of Money Laundering in Nigeria: Issues, Challenges and Way Forward," International Journal Of Advance Research And Innovative Ideas In Education, vol. 8, no. 4, pp. 1645-1653, Jul-Aug 2022. [Online]. Available: https://ijariie.com/AdminUploadPdf/The_Menace_of_Money_Laundering_in_Nigeria__Issues__Challenges_and_Way_Forward_ijariie17932.pdf [Accessed : ].
Turabian Dr. Okoye Victor O., Dr. Okoye Chinasa R., and Nwisienyi Kenechukwu J.. "The Menace of Money Laundering in Nigeria: Issues, Challenges and Way Forward." International Journal Of Advance Research And Innovative Ideas In Education [Online]. volume 8 number 4 ().
Vancouver Dr. Okoye Victor O., Dr. Okoye Chinasa R., and Nwisienyi Kenechukwu J.. The Menace of Money Laundering in Nigeria: Issues, Challenges and Way Forward. International Journal Of Advance Research And Innovative Ideas In Education [Internet]. 2022 [Cited : ]; 8(4) : 1645-1653. Available from: https://ijariie.com/AdminUploadPdf/The_Menace_of_Money_Laundering_in_Nigeria__Issues__Challenges_and_Way_Forward_ijariie17932.pdf
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