Nigeria’s Economic and Financial Crimes Commission (EFCC) chairman, Abdulrasheed Bawa, has described the growth of cryptocurrencies as something that is now “a far greater threat to the global economy.” In order to deal with such dangers or threats, Bawa advocates a “collective and cooperative approach by authorities around the world”.
White-collar crime harms the global financial system
According to a report from Vanguard, the EFCC chairman made these remarks when speaking at a symposium organized by the Center for the International Documentation of Organized and Economic Crime (CIDOEC). Meanwhile, at the same meeting organized to discuss the cost of white-collar crime and who should pay the bill, Bawa is cited to explain why countries need to work together on it. He said:
[Economic crimes] impair the vital structures of the world economies, cause considerable damage to the global financial system and withhold the resources needed for sustainable development from developing countries.
Bawa also warned that developed countries, like their less developed counterparts, are not immune to a scourge exacerbated by “the proliferation of cybercrime threatening the stability of global financial institutions.” To make this point clear, Bawa uses the example of criminals now choosing to “make or receive illegal funds.” [such as ransom money]for cyber attacks in cryptocurrencies. “
Victims of white-collar crime are not allowed to bear the costs
In the meantime, the EFCC chairman was also concerned with the question of who should bear the costs of white-collar crime. The report quotes Bawa who gave his position on the matter. He said:
“As crime victims around the world continue to suffer from the effects of financial crime, whether directly or indirectly as part of a social system, determining who pays or should pay becomes a critical measure of the existing criminal justice system.”
However, the chairman of the EFCC insists that “the perpetrators, not the victims” must pay for the crimes.
Do you agree with Bawa’s comments on cryptocurrencies? Let us know what you think in the comments section below.
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