A Nigerian official is advocating for the use of blockchain and AI to combat illicit financial flows

The chief of the financial monitoring organization stated that the recovery of these funds could have a substantial impact on the infrastructure, healthcare, and education of the continent.

Mr. Olanipekun Olukoyede, the chairman of Nigeria’s Economic and Financial Crimes Commission (EFCC), has underscored the pressing necessity of utilizing blockchain technology and artificial intelligence (AI) to combat the widespread illicit financial flows (IFFs) in Africa.

According to local media, Olukoyede emphasized the extraordinary $88.6 billion that African countries lose annually as a result of IFFs at the Pan-African Conference on Illicit Financial Flows and Taxation.

The African Union (AU) foremost annual forum is the Pan-African Conference on Illicit Financial Flows (PAC). It convenes stakeholders from all over Africa to deliberate on taxation and IFFs. This platform enables the exchange of best practices, strategies, and insights to confront the challenge of IFFs.

The financial monitor chair emphasized the importance of establishing robust legal frameworks and capacity building at the national, regional, and international levels. Olukoyede promoted the implementation of cutting-edge technologies, including artificial intelligence, blockchain, and data analytics, to improve asset monitoring and recovery efforts.

Olukoyede emphasized that the recovery of these funds could have a substantial impact on the continent’s infrastructure, healthcare, and education. In 2020, the United States repatriated $311 million associated with former Nigerian Head of State Sani Abacha, which he cited as an example of practical international cooperation.

Olukoyede posits that effective anti-corruption initiatives necessitate international pressure to secure cooperation from tax havens and low-tax jurisdictions. He underscored the necessity of robust advocacy to enforce this collaboration.

Nevertheless, Nigeria has recently implemented measures to integrate artificial intelligence and blockchain technology.

In an effort to evaluate the policies that govern the implementation of Nigeria’s National Blockchain Policy, the National Information Technology Development Agency (NITDA) reorganized the National Blockchain Policy Steering Committee (NBPSC) in May.

The review is a component of the organization’s ongoing endeavors to remain informed about blockchain advancements and broaden its appeal by involving a broader range of stakeholders, thus encouraging successful execution and comprehensive adoption.

NITDA promoted the integration of artificial intelligence into Nigeria’s security framework in April in order to enhance the quality of the results. Kashifu Inuwa, the agency’s director-general, emphasized that the security and IT sectors can collaborate to enhance the security sector by utilizing technologies such as the Internet of Things (IoT) and artificial intelligence.

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