Impact of Economic and Financial Crimes on the Nigerian Economy: An Assessment of Money Laundering

¹EGBELADE MATHEW O. AND ²STEPHEN S. OJO

¹Department of Accountancy Nasarawa State Polytechnic, Lafia

²Department of Social Development, Nasaraa State Polytechnic, Lafia

E-mail: steve234_1@yahoo.com

ABSTRACT

Economic and financial crimes represent a dangerous form of criminal behavior that affects not only individual member of a society but also having deleterious effects on the nation economy. These are non-violent criminal practices which are tantamount to sabotage of the national economy. This is because of the impacts of these offences on the social wellbeing and economic foundation of any nation. This paper examines the general consequences of economic and financial crimes especially money laundering on the economy of Nigeria. The study finds that the common characteristic of the effects of economic and financial crimes in Nigeria is its tendency to undermine national economy which in turn often results in decelerated improvement in the quality of life of citizens. Thus finding represents a major problem Nigeria is presently grappling with as a result of the prevalence of economic and financial crimes. The paper concludes by recommending a strong legal regime coupled with political will to combat the menace and minimize its devastating consequences.