The chairman of Nigeria’s Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, has singled out the growth of cryptocurrencies as something that now poses “a far greater danger to the world economy.” Therefore, in order to deal with such dangers or threats, Bawa advocates for a “collective and collaborative approach by authorities around the world.”
Economic Crimes Harm the Global Financial System
According to a report by Vanguard, the EFCC chairman made these remarks while speaking at a symposium organized by the Centre for International Documentation on Organized and Economic Crime (CIDOEC). Meanwhile, at the same meeting which was organized to discuss the cost of economic crimes and who should foot this bill, Bawa is quoted explaining why countries must collaborate on this. He said:
[Economic crimes] affect the vital structures of global economies, causing significant damage to the global financial system and depriving developing nations of the needed resources for sustainable development.
Bawa also warned that developed countries, just like their less developed counterparts, are not immune from a scourge that has been magnified by “the proliferation of cyber-crimes which threatens the stability of global financial institutions.” To drive home this point, Bawa uses the example of how criminals are now choosing “to transact or receive illegal monies [such as ransom money]for cyber-attacks in cryptocurrencies.”
Economic Crime Victims Must Not Bear the Cost
In the meantime, the EFCC chair also delved into the topic of who should bear the costs of economic crimes. The report quotes Bawa explaining his viewpoint on this matter. He said:
“As the victims of crime continue to suffer globally from the effects of financial crimes, either directly or indirectly as part of a social system, the determination of who pays or who should pay becomes a critical measure of the criminal justice system in place.”
Still, the EFCC chairman is adamant “that perpetrators and not the victims” should be made to pay for the crimes.