Interpol declares war on money laundering with new 'silver notices' initiative

In a significant move to combat the global scourge of money laundering and illicit financial flows, particularly within Africa, the International Police Organisation (INTERPOL) has unveiled a new initiative codenamed “Silver Notices.”

This groundbreaking effort was announced in Abuja on Monday, July 29, 2024, by INTERPOL Vice President for Africa, Garba Baba Umar, during the opening of a four-day Training Workshop for Nigerian law enforcement agencies at the Economic and Financial Crimes Commission (EFCC) Academy.

Umar highlighted the alarming scale of money laundering across Africa and the world, emphasizing that the introduction of Silver Notices aims to address this menace head-on.

“Evidence has shown that every hour, hundreds of thousands of dollars are flowing out of Nigeria to the region and across the world, laundered before it reaches the pockets of criminals to enjoy the profits of their crimes, while the hardworking and honest Nigerians pay the price of crime,” Umar stated.

He further elaborated on the broader implications of money laundering, noting that it exacerbates various forms of crime including drug trafficking, fraud, corruption, and violence. “Every time criminal money is successfully laundered, our financial institutions take an additional blow,” he added.

The Silver Notices, according to Umar, are designed to make the laundering of illicit funds significantly more challenging worldwide. He stressed the importance of continuous training for law enforcement to stay ahead of increasingly sophisticated fraudsters, especially in the context of transnational financial crimes.

The Workshop, themed “Strengthening Capacity and Coordination against Financial Crimes,” aims to foster discussion and learning about transnational crimes affecting different regions, and to identify potential solutions through the review of policing capabilities. Umar urged participants to leverage this opportunity to reassess strategies and reaffirm their commitment to providing security both nationally and globally.

In his goodwill message, EFCC Executive Chairman, Mr. Ola Olukoyede, emphasized the need for enhanced collaboration to tackle financial crimes. He pointed out that the complexity of corruption necessitates collective action from all stakeholders.

“The daunting nature of the fight against corruption in Nigeria and the world at large deserves serious collaboration among organizations saddled with the responsibility of fighting corruption,” Olukoyede remarked.

Representing the EFCC, Director of Fraud Risk Assessment and Control, Mr. Francis Usani, highlighted the Commission’s impressive track record in tackling corruption, including numerous convictions and recoveries.

He conveyed optimism that the EFCC’s new focus on preventive measures would yield even greater progress. “Our records of convictions and recoveries stand us out, but we will not rest on our oars,” Usani stated.

Japanese Ambassador to Nigeria, Mr. Kazuyoshi Matsunaga, underscored the importance of international cooperation in combating financial crimes.

He cited a successful collaboration between Japanese and Nigerian law enforcement agencies that resulted in the return of funds to a Japanese fraud victim as a testament to the benefits of such partnerships.

Hafsat Bakare, Director General and CEO of the Nigerian Financial Intelligence Unit (NFIU), stressed the necessity of strengthening capacity and coordination against financial crimes.

She pointed out that financial intelligence and analysis techniques are crucial in tackling economic crimes. Bakare expressed optimism that the training provided at the Workshop would contribute to Nigeria’s efforts to exit the Financial Action Task Force’s Grey List by mid-2025.

Isaac Kehinde Oginni, Director of INTERPOL’s Financial Crime and Anti-Corruption Centre (IFCACC), highlighted the importance of denying fraudsters the financial gains from their criminal activities.

He challenged participants to work collectively, noting that each agency’s unique strengths and mandates are essential pieces of a larger puzzle.

The four-day Workshop, the first of its kind hosted by the EFCC, is organized by INTERPOL and the Japan International Cooperation Agency (JICA). It features participants from various agencies including the Police, EFCC, NFIU, Nigeria Immigration Service, and Nigeria Customs Service, and will conclude on Thursday, August 1, 2024.