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Olanipekun Olukoyede, chairman of Nigeria’s Economic and Financial Crimes Commission (EFCC), has underscored the potential of blockchain technology and artificial intelligence (AI) in combating illicit financial flows (IFFs) across Africa. His comments came during the Pan-African Conference on Illicit Financial Flows and Taxation, emphasizing the annual $88.6 billion loss faced by African countries due to IFFs.
The Pan-African Conference on Illicit Financial Flows and Taxation is an annual forum organized by the African Union, bringing together key stakeholders to discuss and develop strategies against IFFs. The conference serves as a platform for sharing insights, strategies, and best practices.
Olukoyede stressed the importance of establishing robust legal frameworks and capacity building at national, regional, and international levels to tackle IFFs effectively. He advocated the adoption of advanced technologies like data analytics, blockchain, and AI to improve asset tracking and recovery efforts.
He highlighted that the recovery of lost funds could significantly enhance infrastructure, healthcare, and education across the continent. As an example of successful international cooperation, he cited the repatriation of $311 million from the United States in 2020, linked to former Nigerian dictator Sani Abacha.
Olukoyede emphasized that effective anti-corruption efforts require international cooperation and pressure on tax havens and low-tax jurisdictions to ensure compliance. He stressed the need for strong advocacy to secure international support in fighting IFFs.
Blockchain technology offers transparency and traceability, making it easier to track financial transactions and prevent illicit activities. AI can analyze large datasets to detect patterns indicative of financial crimes, enhancing the ability of financial watchdogs to identify and intercept illegal financial flows.
In conclusion, Olukoyede’s advocacy for blockchain and AI represents a forward-thinking approach to tackling the persistent challenge of IFFs in Africa. By leveraging advanced technologies and fostering international cooperation, African nations can better protect their financial resources and invest in critical sectors to promote sustainable development.
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