Blockchain
Nigerian Watchdog Urges Blockchain and AI to Fight Illicit Financial Flows in Africa
At the Pan-African Conference on Illicit Financial Flows and Taxation, Nigerian EFCC Chairman Olanipekun Olukoyede highlighted the role of blockchain and artificial intelligence in combating Africa’s annual loss of $88.6 billion to illicit financial flows illicit.
Blockchain and artificial intelligence highlighted as key tools to recover billions lost in illicit financial flows in Africa
The head of the financial watchdog said that if recovered, the funds could significantly improve infrastructure, healthcare and education across the continent.
Second Coin’s TelegraphOlanipekun Olukoyede, Chairman of Nigeria’s Economic and Financial Crimes Commission, has highlighted the potential of blockchain technology and artificial intelligence (AI) to combat illicit financial flows (IFFs) in Africa.
At the Pan-African Conference on Illicit Financial Flows and Taxation, Olukoyede highlighted the $88.6 billion that African countries lose to IFFs every year, as reported by local media.
The main annual forum of the African Union is the conference. It brings together stakeholders from across Africa to deliberate on taxation and IFFs. This conference allows the exchange of strategies, best practices and insights to address the challenge of IFFs.
The financial monitoring chairman stressed the importance of establishing strong legal and capacity-building frameworks at the national, regional and international levels. Olukoyede promoted the integration of cutting-edge technologies, including artificial intelligence, blockchain and data analytics, to enhance resource monitoring and recovery efforts.
The head of the financial watchdog said the funds could significantly improve infrastructure, healthcare and education across the continent if recovered. He cited successful recoveries, such as the $311 million repatriated by the United States in 2020 and associated with former Nigerian dictator Sani Abacha, as examples of practical international cooperation.
Olukoyede highlights the need for strong support to ensure that tax havens and low-tax jurisdictions cooperate in practical anti-corruption efforts; therefore international pressure is necessary.
Nigeria Strengthens Blockchain and AI Integration to Improve Security and Technology Adoption
Nigeria has recently implemented measures to integrate artificial intelligence and blockchain technology.
Nigeria’s National Information Technology Development Agency (NITDA) restructured the National Blockchain Policy Steering Committee (NBPSC) in May to reassess the policies governing the country’s implementation National Blockchain Policy.
The review is part of the organization’s ongoing efforts to stay informed about blockchain’s advancements and broaden its appeal by engaging a broader range of stakeholders, promoting successful execution and widespread adoption.
NITDA promoted integrating AI into Nigeria’s security framework in April to improve the quality of outcomes. According to the agency’s director general, Kashifu Inuwa, the security and IT sectors have the potential to improve the security sector using technologies such as artificial intelligence and the Internet of Things (IoT).
Through initiatives such as the National Center for Artificial Intelligence and Robotics and the development of a National Policy on Artificial Intelligence, NITDA is promoting the growth of artificial intelligence in Nigeria.
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