Financial Crimes and Government Efforts in Curbing Financial Crimes in Nigeria

Abstract

This paper examined the meaning, component, topology of financial crimes, the activities and extent of financial crimes, victims of financial crimes, facilitating factors of financial crimes, and government efforts in curbing financial crimes. The financial crimes identified were corruption such as kickbacks, bribery, extortion and embezzlement, fraud, such as Ponzi-scheme, pyramid schemes, fraudster online, phishing, card fraud skimming, counterfeit cards, advanced fee scams, fund transfer and fake prizes, money laundry, tax evasion and sale of fictitious financial instruments. Government efforts in curbing financial crimes include the promulgation of various laws aimed at providing the legal framework to combat these crimes, the treasury single Account policy and the establishment of the independent corrupt practices and other Related Offences Commission (ICPC) and the Economic and the Financial Crimes Commission (EFCC). The government should put in place a machinery to implement the various laws aiming at financial crimes in Nigeria to avoid an economic downturn.