Money Laundering: NFIU Intensifies Efforts to Exit Nigeria from FATF Grey List

Nigerian Financial Intelligence Unit(NFIU)

The Nigerian Financial Intelligence Unit (NFIU) has said it is accelerating efforts to ensure the nation exits the grey-list of the global Financial Action Task Force (FATF).

The NFIU is responsible for implementing the country’s anti-money laundering and counter-financing of terrorism (AML/CFT) framework.

In line with an ongoing reform programme started in January 2022, the NFIU convened a two-day compliance retreat for stakeholders from the public and private sectors.

The retreat according to a statement by the NFIU Chief Media Analyst, Ahmed Dikko, is intended to galvanise further action following the enactment of a new legislative and regulatory framework in May 2022.

At the opening of the retreat, the Chief Executive Officer of the NFIU, Modibbo Hamman Tukur, noted that following Nigeria’s engagement with the FATF in February 2023 and the FATF’s recognition of the progress made by the country, a list of 15 items were jointly agreed to form part of the country’s Action Plan.

“This is a significant reduction from the 84 items identified as deficiencies in the country’s evaluation report published in August 2021,” he said.

Represented by the Associate Director, Legal and Sanctions, Felix Obiamalu, the he NFIU boss noted that “stakeholder agencies involved in the country’s AML/CFT framework together with representatives from the private sector met in May this year and agreed a revised strategic roadmap to exiting the grey-list.”

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He said that achieving the ultimate objective requires consistency, commitment and coordinated efforts by all stakeholders and particularly reporting entities from the private sector. He further issued a challenge to all participants to ensure that the financial sector is not seen as a safe-haven for dirty money.

Also speaking at the event, the Permanent Secretary of the Federal Ministry of Finance, Budget and National Planning, Aliyu Ahmed, called on all stakeholders to put in place appropriate measures to prevent abuse of Nigeria’s financial system.

In his remarks, Dr. Roland Ottaru (SAN), who represented the President of the Nigerian Bar Association, Yakubu Maikyau SAN, reiterated the commitment of the NBA to ensuring adherence to the FATF Standards by its members.

Dr. Ottaru also announced the NBA’s readiness to partner with the NFIU in organising sensitisation campaigns for members of the legal profession on effective AML/CFT measures.

Other participants at the retreat include representatives of the Central Bank of Nigeria, Securities and Exchange Commission, the National Insurance Commission, the Economic and Financial Crimes Commission, the Corporate Affairs Commission, the National Drug Law Enforcement Agency as well as the Real Estate Developers Association of Nigeria, the Association of Bureau De Change Operators of Nigeria, Association of Chief Compliance Officers of Banks in Nigeria amongst others.