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MONEY LAUNDERING AND THE NIGERIAN ECONOMY
ABSTRACT
The objective of this study is to examine the relationship between money laundering and the Nigerian economy. A cross-sectional survey was conducted through the use of secondary data from the bureau of statistics as well as Economic and Financial Crimes Commission (EFCC). The data collected was analyzed using statistical software Eviews, 8.1 within the period 2007-2014. The study found that money laundering has a negative relationship with the Nigerian economy. This implies that money laundering siphons much needed resources for the development of the economy into the hands of individuals to serve their own purposes. The study therefore recommends that anti-money laundering strategies be revised and strengthened and stiffer penalties be imposed on those caught or discovered.
Keywords: Money Laundering, Nigerian Economy, Financial Crimes, Accounting, Fraud.