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MONEY LAUNDERING COULD HELP CHILDREN





Nigerian Money Laundering should be Used for the Benefit of Children

İlknur Şebnem Öztemel – TDO -A leading aid organization said money looted from Nigeria in corrupt practices and laundered through the UK should be used to save the lives of children deprived of adequate nutrition and live under weak health standards.

According to Save the Children organization approximately $1.2 bn (£950m) is needed to save children from starvation and help families to try to piece together their lives.

There is a UK based project created following a memorandum signed in September, the money can be returned to Nigeria via social projects. relief plan will go to a meeting of UN agencies on Monday which will decide on the priorities for global humanitarian relief for 2017.

Kevin Watkins who is chief executive of Save the Children said All the pre-famine warnings were there in Somalia for 18 months. The money wasn’t mobilised. After the emergency, every UN agency produced a report saying, ‘We are not doing this again.’ What are they doing now? “ . He added ‘’If they fail on this, it is absolutely unforgivable, given the evidence and the mistakes that were made in Somalia. They will be judged incredibly harshly, and rightly so.”

Nigeria is another example of natural source curse that is well known for most of the African states. Nigeria has too many valuable natural resources but have to cope with wrong policies, corruption, lack of services and Boko Haram terrorist organization. Thousands of malnourished children are at risk of death in areas that were held by Boko Haram as farmers cannot produce anymore. Also, funds and aid cannot be distributed properly.

Additionally, Nigeria is famous with Money laundering. Large sums of illicit finance from Nigeria are laundered through banks and the property markets in the United Kingdom.

Bulk cash smuggling, delayed deposits, heavy use of middlemen, shell companies and tax havens, bribery of bank officials, cycling cash through legitimate businesses and cash purchases of luxury goods are common methods of money laundering.

According to the report   ‘’Nigeria's Criminal Crude: International Options to Combat the Export of Stolen Oil’’ which has been published in 2013, minimum 100,000 barrels of oil have been stolen a day believed to be stolen  and Nigerian government lost $3.6bn (£2.2bn) revenue annually.