Conclusion Yes We Can
As described in the preceding chapters, a constellation of factors
converged to facilitate the EFCC’s temporary success. The FATF’s blacklisting of Nigeria in 2001—at a time when the country was ready for change—was instrumental in forcing the country to adopt proper laws and create institutions to deal with financial crime. Fighting corruption would not have been possible without it. But it could have remained a contained and ultimately toothless effort, with laws in place but weak implementation. Nigeria deserves full credit for taking advantage of the FATF decision to tackle a much larger problem and put its house in order. Al Capone was eventually brought down not on his main crimes but on tax evasion. Similarly, money-laundering charges are often the easiest and most effective way to convict the corrupt and the fraudsters. Strong anti–money laundering legislation and the right institution to enforce it are powerful weapons against almost all financial crimes. About 80 percent of the convictions the EFCC obtained included money-laundering charges. The combination of internal and external factors that converged at the right time to create an unprecedented momentum to root out fraud and corruption in Nigeria could be difficult to replicate. Yet some lessons can be drawn for both the outside world, as well as Nigeria itself.