Nigeria To Undergo Second Round Anti-Money Laundering Assessment

The Inter-Government Action Group against Laundering in West Africa (GIABA) has said that Nigeria will need to attain high level of compliance with international best practices on Anti-Money Laundering and Terrorist Financing in other to scale through on the Financial Action Task Force (FATF) second round of mutual evaluations.
Speaking at the Pre-Assessment Training Workshop for officials of  Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) stakeholders institutions, in Abuja, yesterday, the director general, GIABA, Col Adama Coulibaly said that combating money laundering and the financing of terrorism is proving to be a challenge to governments around the world as members of organised criminal groups and terrorist organisations find new means to evade detection, arrest and punishment  across international borders.

Coulibaly who was represented by Director, Admin and Finance, GIABA said “for a country or jurisdiction with relatively weak criminal justice capacity, these challenges can sometimes appear insurmountable and to address these vulnerabilities, international initiatives require countries to adopt and effectively implement standards to fight money laundering and terrorism financing.”
He said for Nigeria to scale through the second round of technical and effectiveness evaluation on Money Laundering/terrorist Financing, the country needs to have laws that criminalise money laundering and terrorist financing in accordance with relevant international conventions, enhance the transparency and availability of beneficial ownership information of legal persons and arrangement, facilitate international cooperation among others.
He commended Nigerian government for accepting to undergo this second round of assessment saying that it shows the country’s commitment to play a leading role in the global fight against money laundering, terrorist financing and proliferation financing.
While praising the effort of GIABA, chairman, Economic and Financial Crime Commission, Mr Ibrahim Magu who was represented by the head, International Affairs, Hamman Tukur said that the Commission is willing at any point in time to collaborate any effort towards combating money laundry in Nigeria.
He said that the conference is significant looking at the present position Nigeria occupy in the corruption rating indices and urged other international and local partners not to relent in their effort to fighting financial crimes.
“Countries are assessed on the strength of their economic strength which spontaneously Nigeria is the largest and strongest economy in Africa and that in itself qualify Nigeria to sit on that seat. There are also issues of implementation of institutional framework and I believe that there is light at the end of the tunnel” he said.




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