Lateef Fagbemi, the Attorney-General and Minister of Justice, has expressed concern over the upsurge in fraudulent activities associated with technological advancements. He highlighted that these technological progresses, particularly Artificial Intelligence (AI) and similar innovations, pose a significant threat not only to Nigeria but also to other nations in West Africa.
Fagbemi emphasized the urgency of conducting a thorough assessment to understand both present and potential future threats arising from these technologies within the region. He underscored the necessity for comprehensive policy-level initiatives aimed at comprehending these diverse threats, stressing the importance of continuous risk assessment and typology studies.
Moreover, Fagbemi pointed out the challenges posed by the use of decentralized finance systems in various regional countries, making it intricate for law enforcement agencies to trace illicit financial transactions stemming from criminal activities. Highlighting the global implications, Fagbemi articulated how the convergence of evolving technology and geopolitical instabilities fosters an environment conducive for organized criminal networks and terrorist groups to perpetrate illegal activities on a global scale.
In response to these challenges, Fagbemi advocated for a collaborative effort to formulate legislative, policy, and institutional frameworks to fortify the integrity of financial systems against the threats posed by money laundering, terrorist financing, and proliferation financing.