The Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, SAN, expressed concern on Monday about the escalating security threats facing Nigeria and other West African nations, highlighting the impact of emerging technologies, particularly artificial intelligence (AI) and decentralized finance systems. He emphasized that these technologies have introduced new methods of fraud, posing unique challenges for financial regulation and enforcement.

Speaking at the inauguration of the 27th meeting of the ministerial committee of the Action Group Against Money Laundering in West Africa, held in Abuja, Fagbemi underscored the need for thorough, ongoing assessments of both current and future security threats across the region. He stated, “It is evident that the threats we face are evolving in unforeseen ways. In particular, artificial intelligence and generative technologies are opening new avenues for fraudulent activities.”

Fagbemi pointed out that while decentralized finance systems enable easier and faster transactions, they also create challenges for law enforcement in tracking illicit financial flows, as these systems often permit anonymous transactions. This, he said, complicates efforts to identify and trace the financial gains from criminal activities. “The rapid advancement of technology and political instability in some areas have created fertile conditions for organized crime and transnational terrorism, allowing these groups to operate on a larger, more global scale,” he explained.

In response, Fagbemi called for robust institutional frameworks across West Africa to strengthen financial crime regulations and protect regional financial systems. “Our unified commitment to implementing legislative, policy, and institutional frameworks is essential to safeguard the integrity of our financial systems from the threats of money laundering, terrorism, and financing for proliferation,” he concluded.