Over the years, the issue of money laundering has sparked extensive debates across various media platforms, including print, radio, television, and social media. These discussions have highlighted the pervasive and concerning nature of money laundering activities. This first part of our series delves into the media’s role in bringing attention to the different facets of money laundering.
In this article, we explore how different media channels have contributed to the awareness and understanding of money laundering. We examine notable cases reported over the years and the impact these reports have had on public perception and policy-making. By analysing media coverage, we aim to provide a comprehensive overview of the ongoing battle against money laundering and its representation in the public eye.
Money Laundering x-rayed
Money laundering can be seen as any illegal economic or financial transaction carried out by an individual or group with the aim of making large amounts of money, generated through criminal activities such as terrorist financing and drug trafficking, appear legitimate. The media has played a crucial role in uncovering and reporting these activities, exposing the individuals and groups involved in these illegal practices. Despite efforts to curb these activities, reports of such cases remain persistent, indicating the complex and widespread nature of the problem.
Other forms of criminal activities that constitute money laundering include currency smuggling, the illegal transportation of large sums of money across geographical boundaries, and the funding of illicit companies. These companies present their businesses as legitimate when, in fact, the money involved is not clean or lawful.
In broader terms, money laundering activities often manifest in various forms, including corruption, terrorist financing, shell company activities, drug trafficking, embezzlement, and gambling.
Aside from this description, money laundering can also refer to the act of disguising one’s financial assets to avoid detection by authorities or others. According to available statistics, the incidence of money laundering poses an imminent danger to both our immediate society and the nation at large. In addition to the previously mentioned negative impacts, money laundering activities present significant challenges to a country’s financial markets. If not addressed urgently, these challenges could lead to serious economic and political instability, creating a disconnect between the government and the governed. Such instability could result in civil unrest and anarchy, leading to widespread hunger and loss of life.
On the global business front, the prevalence of money laundering significantly reduces investor confidence in our business climate. Our national integrity may be further undermined, hindering the attraction of much-needed Foreign Direct Investment (FDI). This undermining of integrity could be a major obstacle in securing the FDI that our nation eagerly seeks.
The problem of public safety and security cannot be separated from money laundering activities. Moreover, money laundering has proven to undermine our democratic values and the principle of the rule of law.
Over the years, the Nigerian government, both past and present, has made significant efforts to combat money laundering, which has deeply affected our socio-economic recovery. This has included establishing various anti-corruption agencies such as the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC), the Code of Conduct Bureau (CCB), the Code of Conduct Tribunal (CCT), and the Nigerian Financial Intelligence Unit (NFIU), among others.
To further support the efforts of these notable anti-corruption agencies, we need to consider additional strategies to address money laundering effectively. One crucial option is the implementation of robust whistleblowing policies.
Understanding Whistleblowing
What is whistleblowing? We may ask. According to Falana F. (2018), the concept of whistleblowing dates back to the pre-colonial era when traditional law enforcement institutions relied on information provided by others to maintain law and order within their jurisdiction.
In addition to this historical perspective, Deni Elliot defined whistleblowing as “an action taken by an agent to bring any purported illegal or unethical behaviour to the attention of those in authority.”
To illustrate the concept of whistleblowing in a more practical sense, consider the following examples:
A staff member reports an illegal act committed by a colleague to a higher authority within the same office.
A dog barking during the early hours of the night at the sight of an unwanted guest can also be seen as a form of whistleblowing to a layperson.
A fire alarm system sounding during a fire outbreak in a house or office is another practical example of whistleblowing.
These examples help to clarify how whistleblowing works in different contexts, emphasising its importance in maintaining ethical behaviour and safety.