INTERPOL Introduces ‘Silver Notices’ to Combat Money Laundering

In a decisive move to address the global challenge of money laundering, particularly in Africa, the International Police Organisation (INTERPOL) has unveiled a new initiative named ‘Silver Notices’.

This announcement was made in Abuja on Monday, 29th July 2024, by INTERPOL Vice President for Africa, Garba Baba Umar, during the inauguration of a four-day training workshop for Nigerian law enforcement agencies at the EFCC Academy.

Umar highlighted the escalating threat of money laundering worldwide, particularly in Africa, and emphasised that Silver Notices have been designed to counter this menace. He explained, “Evidence has shown that every hour, hundreds of thousands of dollars are flowing out of Nigeria and across the world, laundered before reaching the pockets of criminals who then enjoy the profits of their crimes, while hardworking and honest Nigerians bear the cost.”

He stressed that the successful laundering of criminal money exacerbates crime rates in Nigeria, leading to more drugs, fraud, corruption, and violence. Each instance of laundered money further undermines the integrity of financial institutions. However, Umar assured that the Silver Notices would significantly hinder the laundering of illicit funds globally.

Themed ‘Strengthening Capacity and Coordination against Financial Crimes’, the workshop aims to enhance the capabilities of law enforcement agencies to stay ahead of fraudsters. Umar urged participants to engage in discussions about transnational crimes affecting their regions and explore potential solutions by reviewing policing capabilities. “This workshop offers us the chance to re-examine the challenges of fighting transnational crimes, reassess our strategies, and reaffirm our collective resolve to ensure security for our citizens and the global community,” he stated.

Umar also called on participants to prioritise collaboration with other law enforcement agencies to advance investigations and prevent criminals from enjoying the proceeds of their activities. He emphasised, “Our progress as a nation depends on working together, identifying common problems, devising solutions jointly, and taking coordinated action. Now is the time to advance together.”

In his goodwill message, EFCC Executive Chairman, Mr Ola Olukoyede, underscored the necessity of enhanced collaboration in combating financial crimes. He stressed that the complex nature of global corruption requires a united effort from all stakeholders. “The daunting nature of fighting corruption demands serious collaboration among all organisations tasked with this responsibility,” he noted.

Representing Olukoyede, Mr Francis Usani, Director of Fraud Risk Assessment and Control (FRAC) at the EFCC, praised the EFCC’s significant role in tackling corrupt practices, highlighting its impressive conviction and recovery records. He expressed optimism that the EFCC’s new preventive approach to tackling financial crimes would yield greater success. “Our conviction and recovery records stand out, but we are committed to doing more. The EFCC is re-strategising with a focus on prevention, knowing it is easier and cheaper to prevent corruption than to investigate and prosecute it,” he said.

Japanese Ambassador to Nigeria, Mr Kazuyoshi Matsunaga, described the workshop as a crucial joint initiative between Japan and Nigeria to combat financial crimes. He emphasised that in today’s globalised world, financial crimes transcend borders and necessitate international cooperation among law enforcement agencies. “I am delighted that INTERPOL and the Japanese National Police Agency are integral to this project. Strengthening our partnership will benefit not only Nigerians but also people worldwide, including the Japanese,” he said.

Hafsat Bakare, Director General and CEO of the Nigerian Financial Intelligence Unit (NFIU), highlighted the importance of strengthening capacity and coordination against financial crimes. She pointed out that financial intelligence and analysis techniques are crucial in tackling economic crimes. Bakare expressed optimism that the training provided at the workshop would aid Nigeria’s efforts to exit the Financial Action Task Force’s Grey List by mid-2025.

Isaac Kehinde Oginni, Director of INTERPOL’s Financial Crime and Anti-Corruption Centre (IFCACC), emphasised that the key to disrupting organised crime is to deny fraudsters the financial benefits of their activities. He encouraged participants to utilise financial intelligence effectively to build profiles around suspects and work together to combat money laundering. “Each agency represents a piece of the puzzle. Missing even one piece prevents the whole picture from being completed,” he remarked.

The four-day workshop, organised by INTERPOL and JICA, is the first of its kind hosted by the EFCC. It includes participants from the Nigerian Police, EFCC, NFIU, Nigeria Immigration Service, and Nigeria Customs Service, and will conclude on Thursday, 1st August 2024.