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The Financial and Monetary Crimes Fee (EFCC) and the Nigeria Monetary Intelligence Unit (NFIU), plan to deal with the nation’s precarious place on the Monetary Motion Process Power’s (FATF) Gray Record. The companies collaborate to steer Nigeria away from the looming risk of a global blacklisting, in accordance with an announcement from the EFCC.
Throughout a strategic go to to the EFCC’s headquarters, Hafsat Abubakar Bakari, Director and CEO of the NFIU, and Ola Olukoyede, Government Chairman of the EFCC, mapped out recent methods aimed toward facilitating Nigeria’s exit from the FATF’s Gray Record.
What the Assertion Says
The assertion learn:
- “The Financial and Monetary Crimes Fee, EFCC and Nigeria Monetary Intelligence Unit, NFIU, on Wednesday, March 20, 2024 mapped out recent methods geared in direction of Nigeria’s exit from Monetary Motion Process Power, FATF’s Gray Record.”
Bakari is quoted as saying:
- “Our go to right now is a recognition of the shared historical past and a step in direction of constructing the foundations of a stronger partnership. We’re additionally right here to debate the steps we have to take collectively to make sure that Nigeria exits from the gray checklist of the Monetary Motion Process Power within the close to future.”
The assertion added:
- “The FATF, February 2023, added Nigeria to its checklist of nations underneath monitoring, designated as “Gray Record.” This itemizing required the nation to implement an motion plan comprising 19 objects earlier than Could 2025 to keep away from the higher hazard of improve to the “Black Record” which comes with dire financial penalties.
- “Olukoyede expressed optimism that the mixed works of the EFCC, NFIU and different related companies will help Nigeria to exit the gray checklist.
- He reiterated his dedication in direction of preventive frameworks in tackling financial and monetary crimes, stressing that it’s cheaper to stop corruption than to battle it.”
What You Ought to Know
In a latest report, the Inter-Governmental Motion Group towards Cash Laundering (GIABA)famous that “Nigeria has not explicitly criminalised the financing of overseas terrorist fighters.”
Nevertheless, the nation has made some progress. The report learn:
- “Nigeria has recognized terrorist teams that pose TF threats to NPOs in Nigeria and additional categorised them into major and secondary threats to NPOs in Nigeria. The first terrorist financing threats are (1) Boko Haram and (2) ISWAP. The secondary terrorist financing threats are: (1) Yan Bindiga/Yan Taadda, (2) Worldwide Islamic terrorist teams equivalent to Al-Qaida, ISIS, Al Shaba, (3) Home secessionist teams (together with IPOB), and (4) Islamic Motion of Nigeria (IMN) (Northwest Nigeria).
- “It was noticed that terrorist teams are likely to abuse NPOs to facilitate overseas funding of terrorist teams in Nigeria and as a part of advanced schemes (typically involving distributors) to disguise funding of terrorist teams. These teams additionally commit crimes equivalent to kidnapping for ransom and hijacking of products towards NPOs.”
The CBN lately launched a draft containing pointers for bureau de change (BDC) operators in Nigeria. The draft’s major intention is to align BDC actions extra carefully with world Anti-Cash Laundering/Combating the Financing of Terrorism (AML/CFT) requirements consistent with FAFT’s necessities.
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