The Chairman of Economic and Financial Crimes Commission (EFCC), Ola Olukoyede has urged law enforcement agencies worldwide to strengthen their partnerships to effectively tackle the growing threat of cross-border economic crimes.
Speaking at the 42nd International Symposium on Economic Crimes at Jesus College, Cambridge, Olukoyede identified several major obstacles hindering the fight against transnational financial crimes.
These include the sophisticated networks of criminals, the rapid transfer of illicit funds using digital technology, weak regulatory frameworks, and difficulties in recovering and repatriating assets stashed abroad.
He also highlighted challenges related to varying national laws, information sharing, and limited capacity among some law enforcement bodies.
Represented by Sylvanus Tahir, the EFCC’s Director of Legal and Prosecution, Olukoyede addressed over 1,000 participants during a session on “Problems Facing Enforcement and Judicial Agencies in Dealing With Cross-Border Economic Crimes.”
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He emphasised that the speed with which criminals can move money across borders through digital means makes tracing and recovering funds increasingly difficult.
Olukoyede stressed that collaboration is the most crucial tool to overcome these hurdles, stating that no nation is immune to the impact of these crimes.
He pointed to the EFCC’s own success in recent years, which he attributed in part to joint operations with international partners such as the FBI, the Royal Canadian Mounted Police, and Interpol.
He recommended this model of cooperation as a blueprint for other nations to follow.
The symposium, which began on September 1, 2025, serves as an annual forum for policymakers, law enforcement officials, judges, and government representatives from more than 100 countries to discuss critical issues related to economic crime.
The event is scheduled to conclude on September 8, 2025.
