🔔News from Nigeria: Chairman of the Economic and Financial Crime Commission (EFCC), Olanipekun Olukoyede, announced the possibility of using blockchain technology and artificial intelligence to combat illegal activities. 💰

Africa loses approximately $88.6 billion annually due to illicit financial flows. Olukoyede expressed concern that the funds could be used for infrastructure, health and education development.

The EFCC has successfully frozen 1,146 bank accounts involved in unauthorized foreign exchange transactions, money laundering and terrorist financing in Nigeria. A large number of these accounts were associated with cryptocurrency trading platforms.

Olukoyede stressed the importance of using advanced technologies such as data analytics, blockchain and artificial intelligence to improve asset tracking and recovery.

👇Let's discuss in the comments, do you think blockchain will help in the fight against illegal activities?