NFIU reiterates commitment to removing Nigeria from money laundering ‘grey list’

August 19, 2024
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Nigerian Financial Intelligence Unit (NFIU), has reiterated its commitment to removing Nigeria from the Financial Action Task Force (FATF) grey list.

In a speech earlier today (Monday, August 19) at the opening of the Agency’s inaugural Management Staff Retreat in Abuja, Chief Executive of NFIU, Hafsat Bakari explained that at the global level, the NFIU is leading Nigeria’s efforts to exit the Financial Action Task Force’s list of jurisdictions under monitoring, known as the “grey-list”.

Bakari expressed confidence she would complete the remaining steps with stakeholder support, noting that Nigeria’s progress has paved the way for it to become the second African member State of the Task Force after South Africa.

She said the NFIU would focus its international collaborations on increasing cooperation with jurisdictions that pose specific money laundering and terrorist financing threats to Nigeria, particularly countries where organised criminal groups of Nigerian origin have damaged the country’s reputation

FATF had in June approved Nigeria’s 3rd Progress Report, recognising the country’s commitment to fully implementing the FATF Action Plan and the continued efforts by the Intergovernmental Action Group Against Money Laundering in West Africa (GIABA) to enhance its technical capacity.

It announced Nigeria’s “significant progress” in strengthening its anti-money laundering and counter-terrorist financing (AML/CFT) regime, earning upgraded technical compliance ratings from the Financial Action Task Force (FATF) at its June 2024 Plenary meeting in Singapore.

Bakari explained that the retreat gives room for the agency to present its strategic five-year action plan for the year 2024-2029, mentioning the numerous contributions the unit plays in mentoring FIUs regionally, including Liberia and Gambia, among others, and recognising the role of the National Security Adviser and the previous heads of the unit.

At the retreat which included senior government officials, law enforcement agencies and international partners. Bakari emphasised the collective commitment to combating pressing national challenges such as money laundering and terrorism financing.

She quoted President Bola Tinubu as highlighting the need for decisive action for Nigeria’s welfare, even as she outlined the NFIU’s pivotal role in the nation’s financial security framework, advocating for collaboration among all stakeholders to enhance the effectiveness of anti-crime efforts.

She also shared significant achievements since her appointment, reinforcing the NFIU’s mission to safeguard Nigeria’s economic integrity and outlining the agency’s proactive measures to address the evolving threats of money laundering and terrorism financing.

She stressed the agency’s robust organisational structure aimed at aligning resources with the most vulnerable economic sectors, highlighting recent strategic engagements with various stakeholders, including private sector representatives, to foster collaboration and enhance operational efficiency.

Noting that such interactions have led to the formation of joint task forces and inter-agency committees focused on combating criminal activities, Bakari reassured attendees of NFIU’s commitment to continuous improvement, stating that the retreat was designed to strengthen domestic cooperation and facilitate real-time contributions to law enforcement efforts.

Bakari underscored the importance of public-private partnerships in leveraging information to combat financial crimes effectively, accordingly announcing plans to gather insights from stakeholders to refine the agency’s performance, and adding NFIU aims to develop an ambitious five-year strategic plan, with key objectives already identified.

She disclosed the establishment of the NFIU Training Centre to serve as a Regional Centre of Excellence for both public and private sectors across Africa, with support from international partners, and detailed advancements in technology, including the integration of Artificial Intelligence and Machine Learning, to enhance operational efficiency.

The NFIU, Bakari stressed, is transitioning to a paperless environment and has deployed the Crimes Records Information Management System (CRIMS) to facilitate secure information sharing among authorities as it reinforces its commitment to combating financial crimes effectively.

The NFIU’s CEO emphasised the agency’s commitment to strengthening international partnerships to combat transnational financial crimes and highlighted NFIU’s leadership role in the West African forum of FIUs, covering 17 member states, and its efforts to reinvigorate the Lake Chad and Sahel network of FIUs to tackle terrorism financing.

Bakari announced the NFIU’s election as Vice Chair of the prestigious Global Egmont Group of FIUs, with 177 member countries, adding that the agency has successfully mentored the FIU of Liberia into the Egmont Group and continues to support fellow FIUs in West Africa under the leadership of GIABA, the FATF-styled regional body.

 

Bakari concluded by reaffirming her belief in the power of collaboration, stating that true partnership guarantees success in combating financial crimes.

She pledged the NFIU’s commitment to maintaining an open and productive relationship with stakeholders, citing Margaret Mead’s famous words about the potential of committed individuals to effect change.

Bakari expressed gratitude to President Tinubu for his unwavering support and acknowledged the contributions of various ministers and the Central Bank of Nigeria in facilitating the NFIU’s operations.

At the NFIU Management Retreat, various dignitaries delivered goodwill messages emphasising the importance of the agency’s role in combating money laundering and terrorism financing.

Attorney General of the Federation/ Minister of Justice, Lateef Fagbami, on his part commended NFIU’s efforts at combating money laundering and terrorism financing, noting their critical role in removing Nigeria from the Financial Action Task Force’s grey list by May 2025, explaining that the retreat was put together as an essential opportunity for reflection, and reaffirmed the commitment to renewing partnerships with the unit.

Chairman of the National Drug Law Enforcement Agency (NDLEA), Brig. Gen. Mohamed Buba Marwa (retd), praised the agency for its timely responses, which have led to significant recoveries and convictions.

Deputy Governor of Economic Policy at the Central Bank of Nigeria, Muhammad Abdullahi, stressed the importance of financial intelligence in safeguarding the financial system. He called for robust anti-money laundering controls and emphasised the need for collaboration to achieve Nigeria’s FATF membership.

Commandant of the Nigerian Security and Civil Defence Corps, Gen. Abubakar Audi, highlighted the NFIU’s contributions to identifying suspects and illegal activities, while also advocating for improved information dissemination through the Crime Report Information Management System (CRIMS).

Minister of Budget and National Planning, Atiku Bagudu underscored the NFIU’s role in protecting the financial system’s integrity, which is vital for generating revenue to fund Nigeria’s Agenda 2050.

The Commissioner for Insurance at NAICOM reaffirmed the unit’s strategic partnership in combating financial crimes, expressing commitment to removing Nigeria from the grey list by 2025.

The Executive Vice-Chairman of the National Communication Commission acknowledged the NFIU’s vital role in financial crime prevention and expressed optimism for continued collaboration.

The retreat served as a platform for stakeholders to strengthen partnerships and strategize on combating financial crimes, ensuring a unified approach towards enhancing Nigeria’s financial integrity.

 

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