Chairman of the Economic and Financial Crimes Commission, EFCC, Ibrahim Lamorde, yesterday gave account of his stewardship in the fight to curb the movement of illicit funds across Nigeria’s borders.

He said that there had been significant drop in currency outflow outside Nigeria since 2013 such that only N160.9billion ($807,585,061.70) was involved in the illegal transactions in 2014. According to him, currency declaration dropped from $9,926,739,648 to $1,324,045,617.00 and further declined in 2014 to $807,585,061.70 (N160.9billion).

To eradicate the problem, Lamorde advocated improved financial intelligence-gathering by EFCC and other law enforcement agencies so that the war on terror can be won.

He said: “A reputable strategy to fight insurgency is to deprive the insurgents of funds, because there is no dispute that illicit funds movement across borders fuels organised crimes, including terror attacks and insurgency in Nigeria.

“There is an urgent need to strengthen our financial intelligence architecture to enable us effectively monitor cash trails and check illicit cash flow to organised criminal gangs,” he said.

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