Money laundering in casinos is a serious problem in Nigeria and can serve as terrorist financing, according to the Intergovernmental Action Group Against Money Laundering (GIABA). Nigeria has about 300 casinos located mainly in its largest city, Lagos, and the capital, Abuja. GIABA noted that these casinos are at “relatively high risk” of money laundering.
The problem of illegal gambling and terrorist financing
Although casinos in Nigeria are required to file Suspicious Transaction Reports (STRs) with the Nigeria Financial Intelligence Unit (NFIU), most do not. This is compounded by the lack of sanctions against non-compliant operators. GIABA has also expressed concern that only eight NFIU officers are responsible for checking casinos out of over 200 employees.
Nigeria has been battling extremists in its northeast for decades. In recent times, the country has faced a new wave of attacks from the jihadist group Islamic State-West Africa Province (ISWA). In light of this, Nigeria is redoubling efforts to curb terrorist financing.
However, the problem of money laundering in casinos poses a serious threat as they can be an ideal place to legalize illegally obtained funds. Casinos have a large cash flow, which makes them vulnerable to money laundering.
GIABA emphasized the need to take appropriate measures to strengthen casino controls and prevent money laundering. They also call on the NFIU to increase the number of officers responsible for checking casinos and impose strict sanctions on violators. These measures will help reduce the risk of terrorist financing and improve security in Nigeria.
In addition, moving the entire gambling industry online could solve the problem. So far, many sites like www.twinspinca.com that give free spins and online casinos have been criticized. But in reality, these platforms have much more serious measures to check finances and anti-money laundering.
Thus, Nigeria faces a serious problem of money laundering in casinos, which can serve as terrorist financing. Further action is needed to strengthen controls and prevent this menace.
How Nigeria is fighting terrorism in the country
Nigeria is one of the nations actively fighting terrorism, which has lasted in the country for many years. It has faced various extremist groups, including Boko Haram and the Islamic State – West Africa Province (ISWA).
The fight against terrorism in Nigeria is being fought on several fronts. The national government is taking measures to strengthen security and combat extremist groups. Intensified operations by the state security forces have reduced the activities of terrorist groups and curbed their activities. In addition, the government is actively collaborating with other countries and international organizations to share information and experiences in the fight against terrorism.
Nigeria is also actively collaborating with other countries in the region and international organizations such as the African Union, the Economic Community of West African States (ECOWAS), and the United Nations (UN) to coordinate its counter-terrorism efforts. The exchange of information, assistance in organizing joint operations, and training of special services are important components of mutually beneficial cooperation.
Modupe Gbadeyanka