The Inter-Governmental Action Against Money
Laundering (GIABA), Director Dr. Abdullahi Shehu at a regional training
workshop on Anti-Money Laundering and Combating Financial Terrorism (CFT)
Requirements has said that worldwide estimates of the amount of money laundered
annually range between US $700 billion and US $1.8 trillion about 5 percent of
the world’s Gross Domestic Product (GDP).
At the official opening of a two-day training
workshop held at the Kairaba Beach Hotel between the 11-12 September, 2013, Dr.
Shehu noted that from the available data, it can be argued that African is a
net global creditor because illicit financial flows from the continent over the
30 years period 1980-2009 grew much faster than it attracted net-recorded
transfers, while the net drain is about four times its total external debt.
