MONEY LAUNDERING AND ITS IMPLICATIONS IN THE ECONOMY

ABSTRACT

The over-riding aim of this research work is to examine money laundering and its implications in the economy, a case study of Economic and Financial Crime Commission, Lagos. To effectively carry out this research, data was collected in form of questionnaire from respondents who are staff of Economic and Financial Crime Commission, Lagos. (120) one hundred and twenty questionnaire were administered, (107) one hundred and seven copies were returned and (100) hundred copies are used. After critical analysis of the data collected, findings revealed that money laundering and its implications in the economy cannot be over emphasized in reducing the rate of money laundering in the Nigerian economy. Money laundering is indeed a global phenomenon which undermines the economic and political stabilities of States. However, as much as money laundering is a global phenomenon, over the last decade, it has been apparent that development countries have been more exposed and vulnerable to its exploits. The phenomenon of money laundering, amongst other economic and financial crimes have had better success in infiltrating into the economic and political structures of most developing countries therefore resulting to economic digression and political instability. Although, developing countries have responded and continue to respond, through legislative measures, to the menace of money laundering, at national level, however, money launderers, have exploited the lax regulatory environment, vulnerable financial systems along with persistence civil and political unrest of most the developing countries.  

TABLE OF CONTENTS

Title      page

DeclarationI

CertificationII

DedicationIII

AcknowledgementIV

Abstract V

Table of contentVI

CHAPTER ONE

Introduction1

Background of the study2

Statement of the research problem3

1.4Purpose of the study4

1.5Significance of the study4

1.6Research questions5

1.7Research hypothesis5

1.8Scope and limitations of the study5

1.9Definition of terms5

CHAPTER TWO

LITERATURE REVIEW

2.1Introduction 8

2.2What is money laundering?9

2.3Forms of money laundering11

2.4Historical Background of money laundering13

2.5The roles of financial institution in anti-money policies16

2.6The effects/implications of money laundering17

2.7The benefits of effective AML and CFT framework19

2.8Global organizations working against money laundering21

2.9Theoretical framework22

CHAPTER THREE

RESEARCH METHODOLOGY

3.1Introduction25

3.2Research design25

Sources of data collections25

Population of the study26

Sampling size 26

Sampling techniques26

Data collection instrument27

3.8Administration of data collection instrument27

3.9Validation and reliability of instruments28

3.10Method of data analysis28

3.11Limitation of the study29

CHAPTER FOUR

DATA ANALYSIS PRESENTATION

4.1Introduction30

Analysis of respondents’ characteristics and classifications30

Analysis of individual research statement32

Test of hypothesis41

Discussion of the findings48

CHAPTER FIVE

SUMMARY, CONCLUSION AND RECOMMENDATIONS

5.1Summary of the findings49

5.2Conclusion 50

5.3Recommendations50

5.4Suggestion for further study51

References52

Appendix