MONEY LAUNDERING AND FINANCIAL CRIME AND ITS EFFECT ON THE NIGERIAN ECONOMY (A STUDY OF UNION BANK PLC)
Abstract
The objective of this study is to examine the relationship between money laundering and the Nigeria economy. A cross – sectional survey was conducted through the use of secondary data from the bureau of statistic as well as Economic and Financial Crimes Commission (EFCC). The data collected was analyzed using statistical software E view 8.1 within the period 2010 – 2022. The study found that money laundering has a negative relationship with the Nigerian economy. This implies that money laundering siphons much needed resource for the development of the economy into the hand of individual to serve their own purpose. The study therefore recommend that anti – money laundering strategies be revised and strengthened and stiffer penalties be imposed on those caught or discovered.
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