Criminals now prefer bitcoin and ethereum – EFCC President Bawa

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The Chairman of the Economic and Financial Crimes Commission (EFCC) said bitcoin and ethereum are now the preferred medium of exchange for criminals.

He called for a collaborative approach by authorities around the world in the fight against financial crimes.

Bawa spoke at the 38th Cambridge International Symposium on Economic Crime, on the theme “Economic Crime – Who Pays and Who Should Pay? “.

The speech was organized by the International Organized and Economic Crime Documentation Center (CIDOEC), Jesus College, University of Cambridge, UK.

Bawa said economic crimes, which are largely illegal acts committed for private gain, affect global economies and deprive developing countries of resources for sustainable development.

The anti-corruption chief said new typologies of economic crimes such as the growth of cryptocurrencies pose a greater danger.

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“Criminals are now choosing to process or receive illegal amounts, such as ransoms, for cyber attacks in cryptocurrencies with bitcoin and ethereum as the most commonly used medium of these exchanges,” he said.

Bawa said that as victims continue to suffer the effects of financial crimes, determining who pays or who should pay becomes a critical step in the criminal justice system.

He noted that under President Muhammadu Buhari’s administration, reforms such as the single treasury account and the whistleblower policy recorded milestones in investigations, prosecutions and asset recovery.

Bawa confirmed that the EFCC has recorded more than 3,500 convictions and recovered significant assets, including properties in Nigeria, the United Kingdom, the United States and the United Arab Emirates.

The President of the Symposium, Saul Froomkin thanked the boss of the EFCC for his presentation and the support received from Nigeria in the organization of the event.


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