CHAPTER ONE: INTRODUCTION

INTRODUCTION This research has fared in reducing the incidence of corruption in particular internet scam, bank fraud and bad governance. Ti Fairs discuses the corruption situation in Nigeria by lighting public office holders who have been associated with corruption charges. This was demonstrated by the establishment of two major anti-graft institution and independent corrupt practices commission (ICPC) and the economic and financial crime commission. This development in turn facilitate stiff completion, ineffective internal control system, weak corporate governance pal practice among other thus further providing easy avenue for money laundering and other financial crimes . to use the financial system to achieve that various objective. The government though it financial arrow head. The CBN increased its tempo against the fight of financial crime. it does this by putting in place a series of anti-money laundering and comply financing of terrorism measures to pug loopholes so as to ensure the continues soft and soundness of the financial system and determine all forms of financial crime in Nigeria.

1.1 BACKGROUND OF THE STUDY In Nigeria, the upsurge in financial crimes could be partly attributed to the liberalization of the financial sector in the late 1980’s which the result in a phenomenal leap in the number and complexities of banks and non bank financial institutions. This development in turn facilitates stiff competition, ineffective internal control system, weak corporation, governance malpractice among other this further providing easy avenue of many laundering and other financial crimes to use the financial system to achieve their various objective on the embodiment of democracy in Nigeria by may 29, 1999, under the leadership of president Olusegun Obasanjo. One cardinal programme of the Obasanjo administration is the fight against corruption and waste in the public services. This he demonstrated is the establishment of two major anti-graft institutions, the independent corrupt practices and other related offences commission (ICPC) and the economic and financial crime commission (EFCC) in the year 2000ad 2003 respectively. the government though its financial arrow head. the cbnin creased its tempo against the fight of financial crimes. This it does by putting in place series of anti-money laundering (AML) and combating financing of terrorism (CFT) measures to plug loopholes so as to ensure the continued safe and soundness of the financial system and determine all forms of financial crime in Nigiera (Adigu 2005) the government taget is to zero tolerance for financial crimes and corruption. This is why it has pursued though promulgation of laws against graft such as independent commission practices land other related offences). Act, money laundering (prohibition) act 2004it has strengthened and keeps strengthening of anti-corruption and other economic crime institutions of due process mechanism in public sector procurement environment for effective private public sector partnership. monthly publication of distributable revenue from federation account to the different tiers of government. Institution for transparencies in the oil and gas though the work of the extractive industries transparency initiative (NEITI among other.

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