www.idosr.org Attamah 102 International Digital Organization for Scientific Research ISSN: 2579-0765 IDOSR JOURNAL OF CURRENT ISSUES IN SOCIAL SCIENCES 2(1): 102-107, 2016. ©IDOSR Publications Financial Crimes the Bane of Development in Nigeria Nicholas Attamah Department of Economics Enugu State University of Science and Technology (ESUT) Enugu, Nigeria. ABSTRACT Financial Crimes are criminal activities carried out by individuals or criminal organizations to provide economic benefits through illegal methods. Financial crimes which have become a very important issue in recent years all over the world cause big harm to the economy and society. Income from financial crimes corresponds to a very large proportion of global GDP. Regulatory bodies constantly develop new tactics to combat financial crimes. With the development of technology, criminals develop new tactics. The most common financial crimes faced today are terrorist financing, money laundering, corruption and fraud. This review articles lay down various types of financial crimes, its manifestation in Nigeria, its effect on the economy and all the regulatory body that will help enhance proper monitory accountability in the country. Not left out is the need for proper orientation for all the citizens in the country. Keywords: Financial crimes, Nigeria, and Development INTRODUCTION Financial crimes are crimes in which criminal organizations benefit financially. In financial crimes, usually, one party provides a financial benefit and the other party suffers a financial loss. These are frequently committed for the personal benefit of the criminal and involve the illegal conversion of ownership of the property involved [1]. They can occur in many different forms, and they happen all over the world. Some of the most common crimes facing the financial sector are money laundering, terrorist financing, fraud, tax evasion. These crimes are committed every day, and governments worldwide are frequently prosecuting financial criminals while searching for new ones. Nigeria is a nation bestowed with vast human and natural resources with oil exports accounting for about 95% of foreign-exchange income and some 80% of government income, with a population of about 158 million [2]. Despite its enormous array of resources, the Nigerian economy has witnessed a period of stagnant economic growth. This has been partly blamed on corruption and gross mismanagement of the country‟s vast resources. Corruption has tremendously affected the lives and provoked animosity amongst Nigerians [3]. It has eaten so deep into the fabrics of the Nigerian government, the public and private sectors, governmental and non- governmental organizations and has essentially become a way of life and an important source of accumulation of private property in Nigeria [4]. Corruption has greatly contributed to the backwardness and failure of good governance in Nigeria. The country has not been able to implement policies which promote good governance and facilitate the development and success of the democratic process due to the prevalent existence of both high (Political corruption) and low levels (Bureaucratic corruption). There is no doubt that this canker of development threatens the moral integrity of the nation and hampers development [5]. Over the years especially during the military regimes, little was done to fight this malaise. According to some analysts, even the anti- corruption efforts of governments such as Muhammadu Buhari/Tunde Idiagbon and Olusegun Obasanjo failed to produce