Trend and pattern of economic and financial crimes statutes in Nigeria
| Pages | 969-977 |
| Date | 07 October 2019 |
| DOI | https://doi.org/10.1108/JFC-03-2015-0011 |
| Published date | 07 October 2019 |
| Author | Osaretin Aigbovo |
Trend and pattern of economic
and financial crimes
statutes in Nigeria
Osaretin Aigbovo
Department of Public Law, University of Benin, Benin City, Nigeria
Abstract
Purpose –The purpose of this paper is to examine the generaldirection and pattern of modern economic
and financialcrimes statutes in Nigeria.
Design/methodology/approach –This paper examinesNigerian economic and financial crime statues.
Findings –This paper identifiesthe trend and features, which are common to all the statutes irrespective of
economicand financial crime covered by them.
Originality/value –This paper shows that althoughNigerian economic and financial crimes statutes have
evolved gradually from Military era Decrees,and target different aspects of economic and financial crimes,
there are certainfeatures, which are common to all of them.
Keywords Nigeria, Pattern, Trend, Commission, Financial crimes, Economic and financial crimes,
Statutes, Offences, Money laundering, Advance fee fraud, Failed banks
Paper type Research paper
Introduction
In the context of this contribution, the phrase “modern economic and financial crimes
statutes”refers to economic and financial crimes statutes, which have been enacted in
Nigeria since the advent of civilian rule in 1999. These are statutes directed against those
activities, which are defined as economic and financial or business crimes. The terms
“business crimes”and “economiccrimes”can be used interchangeably. Business crimes are
crimes that are committed as part of the process of doing legitimate business, while
economic crimes are crimes detrimentalto the economic health and interest of the state and
are, therefore, prohibited(Vukor-Quarshie, 1996,p.40).
Modern economic and financial crimes statutes are derived from decrees of the era of
military governmentsin Nigeria. In several aspects, these statutes reflect a similar pattern in
policy and content. However, there are some important differences between the modern
statutes and the military era decrees arising from the marked differences in the modus
operandi of military and democratic governments. This contribution, therefore, examines
the general direction and pattern of modern economic and financial crimes statutes in
Nigeria.
The relevant statutes
The relevant statutes for our purposesare the following:
The money laundering (prohibition) act
The Money laundering (Prohibition)Act (MLA), 2004, makes comprehensive provisions for
the prohibition of the launderingof proceeds of crime or illegal activities and for punishment
Financial
crimes statutes
in Nigeria
969
Journalof Financial Crime
Vol.26 No. 4, 2019
pp. 969-977
© Emerald Publishing Limited
1359-0790
DOI 10.1108/JFC-03-2015-0011
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