The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), expressed deep concern on Monday about the evolving security threats faced by Nigeria and West African countries, particularly noting the manifestation of new means of fraud through Artificial Intelligence (AI) and generative technologies.
Speaking during the inauguration of the 27th meeting of the ministerial committee of the Action Group Against Money Laundering in West Africa in Abuja, Fagbemi highlighted the need for a comprehensive assessment to understand both current and long-term threats experienced by countries in the region.
He emphasized, “Ladies and gentlemen, it is very clear that the threats we are facing will only continue to grow and evolve in unanticipated ways.
In particular, the threat of artificial intelligence and generative technologies are already beginning to manifest new avenues for fraud.”
Fagbemi underscored the importance of continuous risk assessment and typologies work at the policy level to comprehend the range of threats faced and those likely to emerge in the future.
The Attorney-General further addressed challenges posed by the decentralized finance system in use across many countries in the region, highlighting how it facilitates illicit financial flows, making it difficult for law enforcement agents to trace and identify proceeds of criminal activity.
He stated, “The increasing spread and dynamism in technology coupled with geo-political fragility are creating fertile ground for organised criminal groups and transnational terrorist organisations to conduct their illegal activities on a global scale.”
Fagbemi called for the development of institutional frameworks to enforce financial crime regulations in the region, stating, “Our collective commitment to put in place legislative policy and institutional frameworks is necessary to protect the integrity of our financial systems from threats of money laundering, terrorist, and proliferation financing.”
