EFCC Has Recovered $20m Worth Of Cryptocurrency From Fraudsters — Bawa

Abdulrasheed Bawa, chairman of the Economic and Financial Crimes
Commission (EFCC), says the commission has recovered $20million
worth of cryptocurrency from cybercriminals.

He said the commission sees cryptocurrency as an “avenue where
criminals launder proceeds of crime”.

He said this on Sunrise Daily, a Channels Television programme,
on Tuesday.

The Central Bank of Nigeria (CBN) had issued a directive that
banks should close accounts of persons or entities involved in
cryptocurrency transactions within their systems.

“As it is today, there is nowhere in the world where
cryptocurrency is being regulated. The EFCC is looking at
cryptocurrency as an avenue where people are laundering their
proceeds of crime,” he said.

“Where people are receiving proceeds of crime and that is our
worry. We have seen again and again how cybercriminals are using it
as an avenue to get their proceeds of crime.

“Before, it used to be through money transfer agencies like
Money Gram and Western Union. Now they have gone E.

“They will defraud somebody and get gift cards, and exchange in
dark webs, and use the proceeds to buy crypto. And then of course
get it into their e-wallets and they can sell and get their
money.”

“As it is now today, we have about $20 million worth of
cryptocurrency because we also created our own crypto wallet to
recover cryptocurrency. We are now recovering the proceeds of
crime.

“We are in support of what the CBN has done because it has
reduced the ease for which these criminals can get cryptocurrency
and get naira for it.

“I believe we will not be left behind when it comes to ensuring
that laws and regulations are put in place to checkmate the
excesses of cryptocurrency.”

Bawa said within January to June 3, 2021, 1,436 suspected
cybercriminals have been arrested across the country.

“From January to June, according to the statistics, the EFCC has
arrested 1436 suspected cybercriminals across the federation,” he
said.

Abdulrasheed Bawa, chairman of the Economic and Financial Crimes
Commission (EFCC), says the commission has recovered $20million
worth of cryptocurrency from cybercriminals.

He said the commission sees cryptocurrency as an “avenue where
criminals launder proceeds of crime”.

He said this on Sunrise Daily, a Channels Television programme,
on Tuesday.

The Central Bank of Nigeria (CBN) had issued a directive that
banks should close accounts of persons or entities involved in
cryptocurrency transactions within their systems.

“As it is today, there is nowhere in the world where
cryptocurrency is being regulated. The EFCC is looking at
cryptocurrency as an avenue where people are laundering their
proceeds of crime,” he said.

“Where people are receiving proceeds of crime and that is our
worry. We have seen again and again how cybercriminals are using it
as an avenue to get their proceeds of crime.

“Before, it used to be through money transfer agencies like
Money Gram and Western Union. Now they have gone E.

“They will defraud somebody and get gift cards, and exchange in
dark webs, and use the proceeds to buy crypto. And then of course
get it into their e-wallets and they can sell and get their
money.”

“As it is now today, we have about $20 million worth of
cryptocurrency because we also created our own crypto wallet to
recover cryptocurrency. We are now recovering the proceeds of
crime.

“We are in support of what the CBN has done because it has
reduced the ease for which these criminals can get cryptocurrency
and get naira for it.

“I believe we will not be left behind when it comes to ensuring
that laws and regulations are put in place to checkmate the
excesses of cryptocurrency.”

Bawa said within January to June 3, 2021, 1,436 suspected
cybercriminals have been arrested across the country.

“From January to June, according to the statistics, the EFCC has
arrested 1436 suspected cybercriminals across the federation,” he
said.