The Economic and Financial Crimes Commission (EFCC) and the Nigeria Financial Intelligence Unit (NFIU), plan to address the country’s precarious position on the Financial Action Task Force’s (FATF) Grey List. The agencies collaborate to steer Nigeria away from the looming threat of an international blacklisting, according to a statement from the EFCC.
During a strategic visit to the EFCC’s headquarters, Hafsat Abubakar Bakari, Director and CEO of the NFIU, and Ola Olukoyede, Executive Chairman of the EFCC, mapped out fresh strategies aimed at facilitating Nigeria’s exit from the FATF’s Grey List.
The statement read:
Bakari is quoted as saying:
The statement added:
In a recent report, the Inter-Governmental Action Group against Money Laundering (GIABA)noted that “Nigeria has not explicitly criminalised the financing of foreign terrorist fighters.”
However, the country has made some progress. The report read:
The CBN recently released a draft containing guidelines for bureau de change (BDC) operators in Nigeria. The draft’s primary aim is to align BDC activities more closely with global Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) standards in line with FAFT’s requirements.
