TRADE ORIENTED MONEY LAUNDERING AND ERA OF CYBERSECURITY TAX EVASION IN NIGERIA

Abstract

This study examined at tax evasion also related trade-based money laundering mitigation strategies in Nigeria in the age of cyber security. Three objectives and research questions were designed to guide the study using a sample of 120 respondents. A survey research methodology was used for this study. The instrument used was a set of pre-coded, independently developed structured questionnaires. The study's analytical approaches included frequency distribution tables with percentages, bars, and charts, and logit regression was used to assess the objective. Since the majority of respondents (100%) are of working age based on the descriptive age group conclusion, they are qualified to understand how tax fraud and laundering of money affect economy growth. about educational achievement, it is implied that most of respondents has higher education standard than what the Cultural Organization, United Nations Educational and Scientific recommends for secondary school, which qualified them to provide an appropriate response. This shows that, in terms of working experience, most of respondents have the fact and expertise necessary to comprehend the importance of laundering of money and tax evasion and in terms of economy growth. The findings indicated that among the duties of banks in recognizing cyber-scam were the development of the Bank Verification Number (BVN) and Single Treasury Account System,) and the instruction of collector of tax. In Nigeria's age of the cyber security, numerous measures have also been implemented to curtail and trade-oriented and tax evasion money laundering. According to logit regression, both laundering of money and tax evasion & were significant has indirect impact on economy growth. It follows, it is implied that both government revenue and economic growth are decreased as a result of large organizations' or individuals' tax avoidance. At a 5% level of significance, the logit regression outcome shows that tax collection (TAXC) was significant & positively connected with economy growth (ECOA). This means that 99.9% of the economic growth that the government funds through taxes is directly facilitated by the provision of infrastructure. For the amount of businesses that were registered, which was 5% and not statistical significant. This implied that the number of registered enterprises in the study area did not contribute enough to tax receipts to support economy growth. Tax evasion, its fact that it impacted on economy growth that was detrimental. Also, the findings indicated that Nigeria's economy growth would slow down as money laundering increased (MOLA). The marginal impact showed that laundering of money (MLA) was sensitive to economy growth at 99.9 percent and that it was statistically significant at 5 percent.

Keywords

• Trade Based
• Money Laundering
• Tax Evasion
• Cyber security
• Financial transfer