The chairman of Nigeria’s Economic and Financial Crimes
Commission (EFCC), Abdulrasheed Bawa, has singled out the growth of
cryptocurrencies as something that now poses “a far greater danger to
the world economy.” Therefore, in order to deal with such dangers or
threats, Bawa advocates for a “collective and collaborative approach by
authorities around the world.”
Economic Crimes Harm the Global Financial System
According to a report
by Vanguard, the EFCC chairman made these remarks while speaking at a
symposium organized by the Centre for International Documentation on
Organized and Economic Crime (CIDOEC). Meanwhile, at the same meeting
which was organized to discuss the cost of economic crimes and who
should foot this bill, Bawa is quoted explaining why countries must
collaborate on this. He said:
[Economic crimes] affect the vital structures of global
economies, causing significant damage to the global financial system and
depriving developing nations of the needed resources for sustainable
development.
Bawa also warned that developed countries, just like their less
developed counterparts, are not immune from a scourge that has been
magnified by “the proliferation of cyber-crimes which threatens the
stability of global financial institutions.” To drive home this point,
Bawa uses the example of how criminals are now choosing “to transact or
receive illegal monies [such as ransom money]for cyber-attacks in
cryptocurrencies.”
Economic Crime Victims Must Not Bear the Cost
In the meantime, the EFCC chair also delved into the topic of who
should bear the costs of economic crimes. The report quotes Bawa
explaining his viewpoint on this matter. He said:
“As the victims of crime continue to suffer globally from the effects
of financial crimes, either directly or indirectly as part of a social
system, the determination of who pays or who should pay becomes a
critical measure of the criminal justice system in place.”
Still, the EFCC chairman is adamant “that perpetrators and not the victims” should be made to pay for the crimes.
