London Is The Capital Of Money Laundering – EFCC Boss

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The chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, has described London as the “headquarters of money laundering”, alleging that Britain’s capital had created a haven for stolen money.

Speaking on Question Time, a programme on Channels Television, the EFCC boss also denied allegation that the EFCC had turned into a tool for political witch-hunt, saying the commission is only after “thieves”.

“London is the capital of money laundering; it is where all the stolen money is hidden. It has given a haven to all the corrupt persons and stolen money from all states of the world,” he said.

“In fact, it is the headquarters of money laundering. Most of the stolen money are hidden either by properties or in banks or as physical cash.”

On the allegation of witch-hunt, Magu said there is no one who would “come out clean” after honouring the invitation of the anti-graft agency.

“We don’t chase innocent people; we investigate people before we arrest them. We follow the money, we trace when you recieved the money, and we also investigate how you utilized the money,” he said.

“That’s why anybody that is invited here will not come out clean, because we do our homework before we invite you. We may investigate for a year or six months and the person would not know.”

Magu said the agency does not select those it prosecutes, adding that once there is any evidence against suspects, the EFCC goes after them.

“There is no sacred cow, we will go after anybody who has stolen the resources of the people. We have no reservations,” he said.

“We fight corruption both within and outside. We don’t go after innocent people for political reasons, we are going after the thieves of state resources.”


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