The co-founder of A&D Forensics, a company providing analytical services in the field of blockchain, Adedeji Ovonibi, believes that the Nigerian government needs to regulate crypto activities in order to curb financial crimes, in particular money laundering. According to him, the authorities need to develop appropriate laws, "because if there is no law, then there is no offense."
According to Ovonibi, despite the fact that in December the Central Bank of Nigeria lifted the ban on transactions with cryptocurrencies for financial institutions, banks need a compliance training program. Thus, the traditional financial sector will adhere to the relevant laws when interacting with virtual asset service providers (VASPs), the expert added.
According to Ovonibi, banks must ensure that VASPs comply with regulatory requirements and will not become tools for money laundering, drug sales or terrorist financing. He added that A&D Forensics has completed the training of a new group of compliance specialists in the field of cryptocurrencies.
Ovonibi noted that the Nigerian Government trains law enforcement officers as law enforcement specialists. At the same time, he stressed that the authorities should do more to ensure that all security personnel are well trained in combating financial crimes.