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Nigerian watchdog urges blockchain, AI to fight illicit financial flows in Africa
At the Pan-African Conference on Illicit Financial Flows and Taxation, Nigerian EFCC Chairman Olanipekun Olukoyede highlighted the role of blockchain and artificial intelligence in combating Africa’s annual loss of $88.6 billion to illicit financial flows illicit.
Blockchain and AI highlighted as key tools to recover billions lost due to illicit financial flows in Africa
The head of the financial watchdog said that if recovered, the funds could significantly improve infrastructure, healthcare and education across the continent.
Second CointelegraphOlanipekun Olukoyede, Chairman of the Nigerian Economic and Financial Crimes Commission, has highlighted the potential of blockchain technology and artificial intelligence (AI) to combat illicit financial flows (IFF) in Africa.
At the Pan-African Conference on Illicit Financial Flows and Taxation, Olukoyede highlighted the $88.6 billion African countries lose every year to IFFs, as reported by local media.
The most important annual forum of the African Union is the conference. It brings together stakeholders from across Africa to deliberate on taxation and IFF. This conference allows the exchange of strategies, best practices and insights to address the challenge of IFFs.
The financial monitoring chairman stressed the importance of establishing strong legal and capacity-building frameworks at the national, regional and international levels. Olukoyede promoted the integration of cutting-edge technologies, including artificial intelligence, blockchain and data analytics, to enhance resource monitoring and recovery efforts.
The chairman of the financial oversight 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 by the United States in 2020 and associated with former Nigerian dictator Sani Abacha, as examples of practical international cooperation.
Olukoyede highlights the need for strong advocacy to ensure that tax havens and low-tax jurisdictions cooperate in concrete anti-corruption efforts; therefore, international pressure is needed.
Nigeria Strengthens Blockchain and AI Integration to Improve Security and Technology Adoption
Nigeria has recently implemented measures to integrate AI and blockchain technology.
In May, Nigeria’s National Information Technology Development Agency (NITDA) restructured the National Blockchain Policy Steering Committee (NBPSC) to reassess the policies that govern the country’s policy implementation. National Blockchain Policy.
The review is one component of the organization’s ongoing efforts to stay informed about blockchain’s progress and broaden its appeal by engaging a broader range of stakeholders, promoting successful execution and comprehensive adoption.
NITDA promoted integrating AI into Nigeria’s security framework in April to improve the quality of outcomes. According to the agency’s director general, Kashifu Inuwa, the security and IT sectors have the potential to improve the security sector using technologies such as AI and the Internet of Things (IoT).
Through initiatives such as the National Centre for Artificial Intelligence and Robotics and the development of a National Artificial Intelligence Policy, NITDA is promoting the growth of artificial intelligence in Nigeria.
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