Realnews Magazines Lecture Series, others allow worldwide stakeholders to share knowledge and best practices- NCC Boss.
… Calls for continued investment in ICT solutions
Oru Leonard
Executive Vice Chairman of the Nigerian Communications Commission, Dr. Aminu Maida, Executive Vice Chairman/Chief Executive Officer of the Nigerian Communications Commission (NCC), has said that conferences/lectures such as the Realnews Magazines Lecture Series allow worldwide stakeholders to share knowledge and best practices.
Dr Maida who made an insightful presentation on: The Use of ICT in Curbing Financial Crimes: “The Regulator’s Perspective”, stated this at the 11th Anniversary Lecture Series of RealNews Magazine at the Ikeja Sheraton Hotel on November 7, 2023.
According to him, Financial crimes refer to criminal activities that involve transactions, abuse, misuse, deception, or manipulation of financial systems for personal gain. They include a wide range of offenses such as Insider abuse, Money Laundering, Terrorism Financing, Proliferation Financing, embezzlement, Fraud (E-fraud, Banking, securities, corporate, Intellectual Property) etc. These crimes do not only have a huge economic and social impact but can also be linked to violent crimes that lead to loss of lives. “These crimes threaten the integrity, trustworthiness, stability, security, safety, and future of an entity (Country, enterprise, individual)”, he noted
He said Technological advancements have significantly aided crime prevention and law enforcement agency performance, adding that with the increasing adoption of digital technologies, the emergence of new technologies, and the often-transnational nature of these crimes, the scope of financial crimes has broadened and created further concerns.
Leveraging Resources: He said combating financial crimes requires enormous financial, technological, and human resources as collaboration allows for the sharing of resources, making participating nations reduce the burdens of the huge associated cost while maintaining effective and efficient results.
“International conferences and gatherings where important players gather to debate and share best practices in preventing financial crime are crucial as well. The purpose of these fora are to provide a platform for worldwide law enforcement agencies, cybersecurity specialists, and financial institutions to discuss insights and tactics for countering cyber-enabled financial crimes”, Aminu stressed
He concluded by calling for real-time surveillance, regulatory compliance, and secure data processing which provides advanced analytics, AI, and machine learning to law enforcement organizations for better crime detection.
He also called continued investment in ICT solutions, as well as a multidisciplinary and multi-stakeholder strategy, combining technology specialists, legal professionals, and legislators, are critical in keeping up with emerging criminal methods. Public education and understanding of internet safety are also important in limiting the risks linked with the spread of criminality via technology.
