The Money Laundering Risks and Vulnerabilities Associated with MMM Nigeria

Abstract

Purpose – This paper aims to help build awareness with the regulatory, enforcement and customs authorities as well as reporting entities about money laundering risks and vulnerabilities of the MMM Scheme, and how to mitigate them.

Design/Methodology/Approach – This paper relies mainly on primary and secondary data drawn from the public domain. It also relies on documentary research.

Findings – This paper determined that the MMM Scheme could be used by criminals to launder proceeds of crime.

Originality/Value – While most publications on MMM are focused on fraud, this paper focuses on the money laundering risks and vulnerabilities associated with the MMM scheme.

Keywords: MMM Nigeria, Ponzi Schemes, Money Laundering, Bitcoin, Goldmoney