The chairman of Nigeria’s Economic and Financial Crimes Commission, Olanipekun Olukoyede, has emphasized the potential of blockchain technology and artificial intelligence (AI) in tackling illicit financial flows (IFFs) in Africa.
Speaking at the Pan-African Conference on Illicit Financial Flows and Taxation, Olukoyede highlighted that African countries lose $88.6 billion annually due to IFFs. He believes that leveraging advanced technologies can significantly improve efforts to track and recover these funds.
Fighting Illicit Financial Flows
This conference, organized by the African Union, serves as a key platform for stakeholders across Africa to discuss and address the issues of IFFs and taxation. It aims to share insights, strategies, and best practices to combat these financial challenges.
Olukoyede stressed the importance of establishing robust legal frameworks and enhancing capacity at national, regional, and international levels. He advocated for the adoption of advanced technologies such as data analytics, blockchain, and AI to improve asset tracking and recovery efforts.
The chairman noted that recovering these funds could greatly enhance infrastructure, healthcare, and education across the continent. He pointed to successful recoveries, such as the $311 million repatriated from the United States in 2020 linked to former Nigerian dictator Sani Abacha, as examples of effective international cooperation.
Summary Review: Integrating technologies like blockchain and AI could play a crucial role in addressing illicit financial flows, potentially leading to significant economic and social benefits for African countries.
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