{"id":79808,"date":"2021-09-07T18:33:13","date_gmt":"2021-09-07T17:33:13","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=79808"},"modified":"2021-09-07T18:33:13","modified_gmt":"2021-09-07T17:33:13","slug":"criminals-now-prefer-cryptocurrencies-for-illegal-financial-transactions-says-abdulrasheed-bawa","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2021\/09\/07\/criminals-now-prefer-cryptocurrencies-for-illegal-financial-transactions-says-abdulrasheed-bawa\/","title":{"rendered":"Criminals now prefer cryptocurrencies for illegal financial transactions, says Abdulrasheed Bawa"},"content":{"rendered":"<p>Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa has ststed that cryptocurrencies have become a preference for persons engaged in illegal financial transactions.<\/p>\n<p>This was stated by the EFCC chairman while\u00a0delivering a keynote address on Monday, at the 38th\u00a0 Cambridge international symposium on economic crime, themed, \u2018Economic Crime: Who Pays and Who Should Pay?\u2019<\/p>\n<p>The event was organised by the Center for International Documentation on Organized and Economic Crime (CIDOEC), Jesus College, University of Cambridge, United Kingdom.<\/p>\n<p>Bawa via a statement issued by Wilson Uwujaren, EFCC spokesperson said the use of <a href=\"https:\/\/www.withinnigeria.com\/news\/2021\/08\/18\/cbn-secures-order-freezing-risevest-bamboo-accounts-over-illegal-fx-transactions\/\">cryptocurrencies<\/a> by criminals poses a threat to global economy.<\/p>\n<p>\u201cEconomic crimes, which are largely illegal acts committed for private gain, affect the vital structures of global economies, causing significant damage to the global financial system and depriving developing nations of the needed resources for sustainable development,\u201d he said.<\/p>\n<p>\u201cCriminals now elect to transact or receive illegal monies (such as ransom money) for cyber-attacks in cryptocurrencies with Bitcoin and Ethereum as the most commonly used medium of these exchanges.\u201d<\/p>\n<p>He also said developed countries are not immune from such illegal activities, considering the \u201cproliferation of cyber-crimes which threatens the stability of global financial institutions\u201d.<\/p>\n<p>\u201cAs the victims of crime continue to suffer globally from the effects of financial crimes, either directly or indirectly as part of a social system, the determination of who pays or who should pay becomes a critical measure of the criminal justice system in place,\u201d the EFCC chairman said.<\/p>\n<p>He added that an impartial judiciary is important in ensuring that \u201cthe perpetrators of acts and not the victims pay for their crimes\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa has ststed that cryptocurrencies have become a preference for persons engaged in illegal financial transactions. This was stated by the EFCC chairman while\u00a0delivering a keynote address on Monday, at the 38th\u00a0 Cambridge international symposium on economic crime, themed, \u2018Economic Crime: Who Pays and Who [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":79809,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[2],"tags":[791,770,17461,592],"class_list":["post-79808","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-abdulrasheed-bawa","tag-cryptocurrencies","tag-economic-crime","tag-efcc"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Criminals now prefer 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