According to Odaily, Olanipekun Olukoyede, the Chairman of the Nigerian Economic and Financial Crimes Commission, has emphasized the potential of blockchain technology and artificial intelligence (AI) in addressing the issue of illegal fund flow (IFF) in Africa. Olukoyede highlighted this during a pan-African conference on illegal fund flow and taxation.
He pointed out that African nations lose an estimated $88.6 billion annually due to illegal fund flows. If these funds could be recovered, it would significantly improve infrastructure, healthcare, and education across the entire African continent. Blockchain technology and AI could play a crucial role in tracking and preventing these illegal transactions, thereby helping to recover these lost funds.
The use of these advanced technologies could bring about a significant change in the economic landscape of Africa, providing a more secure and transparent system for financial transactions. This could potentially lead to a decrease in corruption and an increase in the overall economic stability of the region.