Research Article of Journal of Theoretical and Applied Economics
Assessing Knowledge of, and Predisposing Factors Towards Money Laundering in Nigeria: a Study of Bank Staff
Department of Human Resource Development, Osun State University, Osogbo, Okuku Campus, Osun State, Nigeria.
This study was meant to investigate knowledge of money laundering and predisposing factors towards money laundering among bank staff (i.e. bank executives and other bank staff). The study was a survey, which utilized structured questionnaire format for data collection. A total number of 1,032 bank staff were randomly selected for the study, in which 601(58.2%) were males while 431(41.8%) were females (Mean age=36.59yrs (SD=11.85). The study participants comprised 467 bank executives and other 565 category of bank staff. Data collected for the study were analyzed by both the Descriptive and Inferential statistics.
The results revealed that more of the study participants were knowledgeable of the criminal characteristics of money laundering. Also, the results showed that more of the study participants were more knowledgeable of the contributory factors towards money laundering .The results revealed further that bank executives reported more of knowledge of drug trafficking as a predisposing factors towards money laundering than other bank staff (t (1032) =2.14, p<.05); other bank staff reported more knowledge of prostitution ring as a predisposing factors towards money laundering than bank executives (t (1032) =-6.24, p<.05). The results showed also that other bank staff reported more knowledge of embezzlement as a predisposing factor towards money laundering than bank executives (t(1032)=-2.19,p<.05).However, the results revealed that bank executives and other bank staff were not significantly different on knowledge of predisposing factors towards money laundering in terms of insider trading((t (1032) = .57,p>.05) ,and bribery(t (1032) =.80, p>.05) respectively.
The results were discussed adequately and it was hence recommended that more enlightenment programs should be put up for bank staff.
Keywords: Knowledge, Money Laundering, Predisposing Factors, Bank Staff, Bank
How to cite this article:
Solomon Ojo. Assessing Knowledge of, and Predisposing Factors Towards Money Laundering in Nigeria: a Study of Bank Staff. Journal of Theoretical and Applied Economics, 2017; 1:5. DOI:10.28933/JTAE-2017-10-2805
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3 Ribadu, N. (2004), “Implication of Economic and Financial Crimes on The Nation’s Economy”. Retrieved 15th November, 2005 from http://www.efccnigeria.org/publications12(1)pdf
4 International Narcotics control strategy report (INCRSR) (1996), “Financial crimes and money laundering”. Released by the Bureau for International Narcotics and Law Enforcement Affairs U.S Department of State Washington, DC March 1997. Retrieved 2nd May, 2007 from http://www.fas.org/irp/ops/le/docs/money96.html
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