EFFECT OF MONEY LAUNDERING ON NIGERIA’S SOCIO-ECONOMIC DEVELOPMENT

Money laundering as an economic and financial crime in whatever form has a potentially devastating effect on economy, security and social well-being of the people. The paper adopted analytical method in its research method. It made use of secondary data ranging from library books, internet, journal articles, newspapers to describe and analyze issues relating the effect of money laundering on Nigeria’s socio-economic development. The paper examined money laundering as an aspects of political crime and assessed the effects of money laundering on Nigeria’s socio-economic development. The paper finally concluded by recommending a strong legal regime coupled with political will to combat the menace and reduce its devastating effects.