ABSTRACT

The over-riding aim of this research work is to examine money laundering and its implications in the economy, a case study of Economic and Financial Crime Commission, Lagos. To effectively carry out this research, data was collected in form of questionnaire from respondents who are staff of Economic and Financial Crime Commission, Lagos. (120) one hundred and twenty questionnaire were administered, (107) one hundred and seven copies were returned and (100) hundred copies are used. After critical analysis of the data collected, findings revealed that money laundering and its implications in the economy cannot be over emphasized in reducing the rate of money laundering in the Nigerian economy. Money laundering is indeed a global phenomenon which undermines the economic and political stabilities of States. However, as much as money laundering is a global phenomenon, over the last decade, it has been apparent that development countries have been more exposed and vulnerable to its exploits. The phenomenon of money laundering, amongst other economic and financial crimes have had better success in infiltrating into the economic and political structures of most developing countries therefore resulting to economic digression and political instability. Although, developing countries have responded and continue to respond, through legislative measures, to the menace of money laundering, at national level, however, money launderers, have exploited the lax regulatory environment, vulnerable financial systems along with persistence civil and political unrest of most the developing countries.  

TABLE OF CONTENTS

Title      page

Declaration I

Certification II

Dedication III

Acknowledgement IV

Abstract V

Table of content VI

CHAPTER ONE

Introduction 1

Background of the study 2

Statement of the research problem 3

1.4 Purpose of the study 4

1.5 Significance of the study 4

1.6 Research questions 5

1.7 Research hypothesis 5

1.8 Scope and limitations of the study 5

1.9 Definition of terms 5

CHAPTER TWO

LITERATURE REVIEW

2.1 Introduction 8

2.2 What is money laundering? 9

2.3 Forms of money laundering 11

2.4 Historical Background of money laundering 13

2.5 The roles of financial institution in anti-money policies 16

2.6 The effects/implications of money laundering 17

2.7 The benefits of effective AML and CFT framework 19

2.8 Global organizations working against money laundering 21

2.9 Theoretical framework 22

CHAPTER THREE

RESEARCH METHODOLOGY

3.1 Introduction 25

3.2 Research design 25

Sources of data collections 25

Population of the study 26

Sampling size 26

Sampling techniques 26

Data collection instrument 27

3.8 Administration of data collection instrument 27

3.9 Validation and reliability of instruments 28

3.10 Method of data analysis 28

3.11 Limitation of the study 29

CHAPTER FOUR

DATA ANALYSIS PRESENTATION

4.1 Introduction 30

Analysis of respondents’ characteristics and classifications 30

Analysis of individual research statement 32

Test of hypothesis 41

Discussion of the findings 48

CHAPTER FIVE

SUMMARY, CONCLUSION AND RECOMMENDATIONS

5.1 Summary of the findings 49

5.2 Conclusion 50

5.3 Recommendations 50

5.4 Suggestion for further study 51

References 52

Appendix