By Nana Musa-Umar
The Chief Executive Officer of the Nigerian Financial Intelligence Unit (NFIU), Hafsat Bakari, says the country will soon exit the “grey list” of countries under increased monitoring by the Financial Action Task Force (FATT).
The FATF uses grey lists to identify countries with deficiencies in their anti-money laundering (AML) and counter-terrorism financing (CFT) systems.
Bakari gave the assurance at National Anti-Money Laundering, Combating Terrorism Financing and Counter Proliferation Financing (AML/CFT/CPF) Compliance Summit, on Tuesday in Abuja.
The theme of the summit is : “Shaping the Future of Financial Integrity in Nigeria: Emerging Trends and Best Practices.”
Bakari, however, assured that the summit would serve as a medium to consolidate the gains of Nigeria’s AML/CFT/CPF strategy.
The NFIU boss said the summit would strengthen the Nigerian financial system, build capacities of reporting entities, and foster partnerships to combat money laundering, terrorism financing, and proliferation financing.
“The 2019 mutual evaluation report conducted by the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) brought to light areas where we needed to strengthen our AML/CFT/CPF regimes.
“Consequently, as a result of the deficiencies identified, Nigeria was placed under enhanced monitoring by the International Cooperation Review Group (ICRG) process (grey list).
”The NFIU, in collaboration with our partners, have worked tirelessly to address these findings and implement far-reaching reforms.
‘From improving compliance mechanisms to fostering better inter-agency cooperation, we have made substantial progress in addressing most of the identified deficiencies,” she said.
According to Bakari, the NFIU has made giant strides in AML/CFT/CPF obligations by reporting entities.
”This summit seeks to sustain a compliance-first culture across all reporting entities in Nigeria. It is also an opportunity to set our sights on the future.
“The next mutual evaluation by GIABA in the year 2027 presents an opportunity for Nigeria to demonstrate, not only compliance, but leadership in the global fight against financial crimes.
“This requires us to embed a culture of continuous improvement, ensure sustainability in our reforms, and foster a mindset where compliance is seen as a foundation for growth and stability,” she said.
She commended President Bola Tinubu for the initiative to fight financial crime, and the stakeholders for their collaboration and cooperation
