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Nigerian Official Backs Blockchain and AI Against Illicit Financial Flows — TradingView News
The Chairman of the Nigeria Economic and Financial Crimes Commission, Olanipekun Olukoyede, has highlighted blockchain technology and artificial intelligence (AI) as tools to tackle illicit financial flows (IFF) in Africa.
According to local media, Olukoyede highlighted, during the Pan-African Conference on Illicit Financial Flows and Taxation, the annual loss of $88.6 billion in African countries due to illicit flows.
Fight against illicit financial flows
The conference is the main annual forum of the African Union. It brings together stakeholders across Africa to discuss IFF and taxation. This conference facilitates the sharing of insights, strategies and best practices to address the challenge of IFFs.
The president of the financial watchdog said it was essential to establish strong legal frameworks and strengthen capacities at national, regional and international levels. Olukoyede has advocated for the adoption of advanced technologies such as data analytics, blockchain and artificial intelligence to improve asset tracking and recovery efforts.Coin Telegraph
The chairman of the Financial Supervisory Committee said that, if recovered, the funds could significantly improve infrastructure, healthcare and education across the continent. He cited successful recoveries, such as the $311 million repatriated from the United States in 2020 linked to former Nigerian dictator Sani Abacha, as an example of practical international cooperation.