By Nana Musa
Nigeria has recorded significant progress in its anti-money laundering and counter-terrorism financing efforts, securing upgrades on five key recommendations of the Financial Action Task Force (FATF).
The achievement was announced during the 42nd Technical Commission and Plenary Meeting of the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA), held from November 17 to 23, 2024, in Freetown.
During the plenary, Nigeria’s third follow-up report was reviewed, highlighting progress made in addressing technical compliance deficiencies identified in its 2021 Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) Mutual Evaluation.
The report showcased enhanced legal and regulatory measures that have fortified Nigeria’s framework for combating financial crimes.
The plenary recognized the remarkable strides Nigeria has made, resulting in the upgrade of five FATF recommendations from “Partially Compliant” to “Largely Compliant.” The upgraded recommendations are:
Recommendation 23: Other Measures relevant to Designated Non-Financial Businesses and Professionals (DNFBPs).
Recommendation 24: Transparency and Beneficial Ownership of Legal Persons.
Recommendation 25: Transparency and Beneficial Ownership of Legal Arrangements.
Recommendation 28: Regulation and Supervision of DNFBPs.
Recommendation 32: Cash Couriers.
These improvements reflect Nigeria’s dedication to strengthening its mechanisms for combating money laundering, terrorist financing, proliferation financing, and other related offences.
Since being placed in GIABA’s Enhanced Follow-Up Process in 2021, Nigeria has submitted three reports, progressively addressing compliance gaps.
The country is now either Compliant or Largely Compliant with 37 out of FATF’s 40 recommendations.
GIABA member states and international partners, including FATF, have commended Nigeria’s efforts.
This achievement underscores the nation’s commitment to global financial integrity and security, paving the way for enhanced international collaboration and trust.
This development represents a crucial step in bolstering Nigeria’s financial systems and reaffirms its resolve to meet global standards in the fight against financial crimes.
The Nigerian delegation, was led by Hafsat Abubakar Bakari, Chief Executive Officer of the Nigerian Financial Intelligence Unit (NFIU) and Chair of the GIABA Technical Commission, included representatives from the NFIU,
Economic and Financial Crimes Commission (EFCC), Special Control Unit Against Money Laundering (SCUML), Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), Federal Ministry of Justice (FMOJ), Corporate Affairs Commission, and the Nigeria Export Processing Zones Authority (NEPZA).
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