The Nigeria’s anti-money laundering and terrorist financing global rating has improved, moving up by three additional grade last week.
Nigeria now stands at compliant (C) or largely compliant (LC) in 37 out of the 40 recommendations, leaving it with three to scale, it was revealed.
This milestone was achieved last week at a meeting of Group Against Money Laundering in West Africa (GIABA) technical commission which took place between 17th – 23rd November, 2024 in Freetown, the Republic of Sierra Leone
The Chief Executive Officer of the Nigerian Financial Intelligence Unit (NFIU), Hafsat Abubakar Bakari, attended the meeting.
Hajiya Hafsat, who is also Nigeria’s National Correspondent (NC) for the ECOWAS Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) and chair of the Technical Commission, led the Nigeria’s delegation to attend the 42ndGIABA Technical Commission and Plenary Meeting.
The delegation 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 Nigeria Export Processing Zones Authority (NEPZA).
During the plenary, Nigeria’s 3rd Follow-Up Report was discussed, focusing on its progress in addressing technical compliance deficiencies identified in its 2021 AML/CFT Mutual Evaluation. The Follow-Up report highlighted Nigeria’s enhanced measures in anti-money laundering and counter-terrorism financing.
The pkenary recognized the remarkable improvement in Nigeria’s legal and regulatory framework and upgraded four (4) key recommendations from Partially Compliant to Largely Compliant. The recommendations upgraded are:
i. Recommendation 24 on Transparency and Beneficial Ownership of Legal Persons,
ii. Recommendation 25 on Transparency and Beneficial Ownership of Legal Arrangements,
iii. Recommendation 28 on Regulation and Supervision of DNFBPs and
iv. Recommendation 32 on Cash Couriers.
21st CENTURY CHRONICLE reports that Nigeria has since its inclusion in the GIABA Enhanced Follow-Up Process in 2021 submitted 3 reports seeking re-rating in recommendations with Non-Compliant/Partially Compliant Rating. As it stands today, Nigeria is Compliant (C) and Largely Compliant (LC) in 36out of the 40 Recommendations.
“To this end, Member states of GIABA and international partners including the FATF have commended Nigeria on these efforts,” according to a statement by the NFIU Strategic Communications Office.
It said this achievement will further strengthen the country’s mechanism in combatting money laundering, terrorist financing, proliferation financing and other predicate offences.
