In his speech, Bawa also indicated that economic crimes affect global economies and deprive developing nations of resources necessary for sustainable development.
Bawa also said that as victims continue to suffer from the effects of financial crimes, the determination of who pays or who should pay becomes a critical measure of the criminal justice system.
Being unregulated and requiring no physical bank vaults, cryptocurrencies provide an easy route for criminals to launder proceeds of corruption, fraud, drug trafficking, and other heinous crimes. There are also concerns about their security with many sophisticated fraudsters able to hack into digital vaults to steal assets from owners.
The report analyzed 4 crypto scams emerging from the city, where scammers rely on Instagram to attract new users, luring them with flashy lifestyles, before convincing them to send cryptocurrencies such as bitcoin.
In February 2021, The Central Bank of Nigeria (CBN) barred all regulated financial institutions in the country from transacting in cryptocurrencies citing a lack of proper regulation making them prone to financial crime.