Fun

Nigerian official advocates blockchain, AI against illicit financial flows

News Feed - 2024-06-29 04:06:44

Amaka Nwaokocha59 minutes agoNigerian official advocates blockchain, AI against illicit financial flowsThe financial watchdog chair said that if recovered, the funds could significantly enhance infrastructure, healthcare and education across the continent.345 Total views3 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe chairman of Nigeria’s Economic and Financial Crimes Commission, Olanipekun Olukoyede, has highlighted blockchain technology and artificial intelligence (AI) as tools to address illicit financial flows (IFFs) in Africa. 


According to local media, Olukoyede highlighted the $88.6 billion lost annually in African countries due to IFFs at the Pan-African Conference on Illicit Financial Flows and Taxation.Fighting illicit financial flows


The conference is the premier annual forum of the African Union. It brings together stakeholders across Africa to discuss IFFs and taxation. This conference facilitates sharing insights, strategies and best practices to address the challenge of IFFs.


The financial watchdog chair said establishing robust legal frameworks and capacity building at national, regional and international levels is essential. Olukoyede advocated adopting advanced technologies such as data analytics, blockchain and artificial intelligence to enhance asset tracking and recovery efforts.Source: Economic and Financial Crimes Commission


The financial watchdog chair said that if recovered, the funds could significantly enhance infrastructure, healthcare and education across the continent. He cited successful recoveries, such as the $311 million repatriated from the United States in 2020 linked to former Nigerian dictator Sani Abacha, as an example of practical international cooperation.


Related: Nigeria’s SEC boss says crypto can aid 38M unbanked


According to Olukoyede, effective anti-corruption efforts require international pressure to ensure cooperation from tax havens and low-tax jurisdictions, stressing the need for strong advocacy.Blockchain and AI in Nigeria


Nigeria has recently taken steps to embrace blockchain technology and AI.


In May, Nigeria’s National Information Technology Development Agency (NITDA) restructured the National Blockchain Policy Steering Committee (NBPSC) to reassess the policies guiding the implementation of the country’s National Blockchain Policy.


The review forms part of efforts to stay abreast of blockchain innovations and expand its reach by involving additional stakeholders, promoting comprehensive adoption and successful execution.


In April, NITDA advocated incorporating artificial intelligence into Nigeria’s security framework to improve outcomes. The agency’s Director General, Kashifu Inuwa, said the security and IT sectors can use technologies such a AI and the Internet of Things (IoT) to improve the security sector.


The NITDA is promoting AI growth in Nigeria through initiatives like the National Centre for Artificial Intelligence and Robotics and developing a National Artificial Intelligence Policy.


Magazine: Deposit risk: What do crypto exchanges really do with your money?# Blockchain# Government# Technology# Nigeria# Adoption# Scams# HacksAdd reaction

News Feed

Tether, ICOs, Craig Wright – Attorney Divulges New Details on Billion Dollar Crypto Lawsuits
Tether, ICOs, Craig Wright - Attorney Divulges New Details on Billion Dollar Crypto Lawsuits On April 3, the law firms Roche Cyrulnik Freedman and Selendy & Gay filed 11 class-ac
Tau-Chain Founder Ohad Asor and Prof. Franconi Explain Logical AI and How to Trade Knowledge
Tau-Chain Founder Ohad Asor and Prof. Franconi Explain Logical AI and How to Trade Knowledge Tau, in development, is the world’s first fully user-controlled blockchain, capa
Munchables hacker returns $62.8M Ether without ransom
Arijit Sarkar1 hour agoMunchables hacker returns $62.8M Ether without ransomOn March 27, 4:40 am UTC, Munchables identified the hacker as one of its developers. An hour of negotiations led to the former developer agreein
PODCAST: Caitlin Long on Bitcoin as Insurance Against Financial Collapse
“To me, it’s an insurance against instability in the mainstream financial industry,” said Caitlin Long, one of the most experienced Wall Street professionals to defect to the crypto space.
Standing Together Against Disasters: CoinEx Charity Passes on the Spirit of Charity
Standing Together Against Disasters: CoinEx Charity Passes on the Spirit of Charity press release PRESS RELEASE. Every year, natural disasters like earthquakes, hurricanes, and floo
GameSwift Launches a Web3 Gaming Platform With Revolutionary Passwordless Sign-on System to Help Bring Gamers Into Web3
GameSwift Launches a Web3 Gaming Platform With Revolutionary Passwordless Sign-on System to Help Bring Gamers Into Web3 press release PRESS RELEASE.GameSwifthas announced the open a
Can Bitcoin Hold $97K? – 1-3 Month Holders’ Data Reveals Crucial BTC Demand
Este artículo también está disponible en español. Bitcoin has experienced a quiet weekend, with the price remaining stagnant around the $96,500 level for five consecutive
Ray Salmond1 hour agoBitcoin miners double down on efficiency and renewable energy at the World Digital Mining SummitBitmain rolled out its efficiency-focused Antminer S21 at the WDMS and Bitcoin miners shared their plan
A Gateway to Web3: TokenPocket Wallet – a Secure Decentralized Wallet That Integrates Trading, DApp Store, and the Crypto Markets
A Gateway to Web3: TokenPocket Wallet - a Secure Decentralized Wallet That Integrates Trading, DApp Store, and the Crypto Markets press release PRESS RELEASE.TokenPocket has reached
Bitcoin’s Exchange Flows Indicate Changing Investor Behavior—What’s Next?
Este artículo también está disponible en español. Bitcoin’s price has recently experienced notable volatility, driven by significant market developments and investor ac
Looming Legal Issues and Transparency Questions Fail to Dent Tether’s Momentum
Looming Legal Issues and Transparency Questions Fail to Dent Tether’s Momentum Tether has never been more popular. A quick look at Coinmarketcap data underscor
Best Crypto to Buy as Bitcoin’s Largest-Ever Options Expiry Set to Push the King Crypto over $110K
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu