Business
By Anthony Isibor
THE Chief Executive Officer of the Nigeria Financial Intelligent Unit, NFIU, Hafsat Abubakar Bakari, says that it is possible to create a sustainable system which not only prevents future crimes but also enhances efforts in protecting the future of the country by ensuring that resources are used for its progress and establishing an enabling environment for investments in the country.
According to her, Public-Private Partnerships provide one of the routes in achieving that objective and no single organization, public or private has the capacity to confront the myriad financial crimes challenges alone, “Fighting financial crime is everyone’s business.”
Speaking at a roundtable on PPP jointly organised by the NFIU and the London Stock Exchange on Thursday in Lagos, she noted that these threats are not only complex but also international in nature, taking advantage of gaps in oversight, regulation, and enforcement. More importantly, the 2 networks that facilitate these crimes, exploit weaknesses in our ability to work together and share information across all the stakeholders involved in the fight against financial crime.
She said that NFIU-LSEG Risk Intelligence partnership demonstrates how such partnerships could be game-changers in helping Nigeria and the global community overcome the growing and interconnected web of financial crimes that threaten national and global security, and facilitate the spread of weapons and other illicit goods that destabilize our region.
She noted that Financial Information Sharing Partnerships provide a structured and effective platform for the pooling of resources, intelligence, and technologies, and enable stakeholders to align their efforts, share actionable insights, and develop strategies to counter financial crimes at all levels. These partnerships can take the form of collaboration between the public and private sector or indeed within the private sector itself.
Highlighting some of the gains already achieved through PPP in the fight against financial crimes, she explained that the Bank Verification Number, BVN, initiative, which is a prime example of a partnership between the Central Bank of Nigeria, CBN, and commercial banks has been transformative in combating financial crimes.
This initiative, according to her, has strengthened the nation’s AML/CFT framework and demonstrates the potential of PPPs to deliver systemic impact.
“While the BVN implementation has had tremendous value for our law enforcement and supervisory authorities, I believe we should not rest on our oars. We must continuously seek new innovative approaches, for instance through shared KYC systems, joint analytical teams, shared watchlists and multi-sectoral fusion centres all of which have been used extensively and to great effect in other jurisdictions.
“Another example of the use of PPPs in our national AML/CFT/CPF framework is the effort to combat wildlife crimes, which are increasingly recognized as a significant predicate offence for money laundering. Working with banks, law enforcement and prosecutorial authorities we are making significant strides in combating wildlife trafficking networks that fund and benefit from criminal enterprises that undermine biodiversity. Indeed, these benefits go beyond just biodiversity, because the same networks and routes used to trade illegal wildlife can also be used to facilitate the smuggling of weapons, drugs and other illegal goods and to finance terrorism.
“By incorporating wildlife crime into our PPP agenda today, we ensure that the lessons learned can also benefit other critical stakeholders. I am particularly pleased that this PPP on Illicit Wildlife Trade has benefited from the international expertise of so many partners such as United for Wildlife which has recently launched a West Africa Chapter and established a IWT Charter which the NFIU and ICPC have both signed up to, prioritizing environmental crimes. We have also been able to tap into the best practices available through the South African Anti-Money Laundering Integrated Task Force’s, SAMLIT, work on illegal wildlife trafficking and I am grateful that the Chair of United for Wildlife’s Financial Task Force and former Head of the South African FIU is with us again today to share more of these lessons.
“These examples showcase the potential of PPPs across various sectors to transform our national, regional and global approach to fighting crime,” she added.
The NFIU boss also promised to continue to strengthen the Nigeria’s national AML/CFT/CPF framework with the intention of exiting the FATF’s grey list next year and ensure that it sustains the effective systems that respond to the highest risk threats.
“We, at the NFIU recognize that gatekeepers in the financial and designated non-financial sectors are often the first to become aware of emerging trends and typologies. They have a wealth of intelligence and information that can contribute to more effective law enforcement responses across a variety of predicate crimes. It is therefore critical that we ensure a properly joined up approach, and this is reflected as a priority in our National AML/CFT/CPF Strategy. Therefore, our gathering today could not have come at a better time.
“As we move forward in these round table discussions, I urge all participants to focus on actionable outcomes. Let us brainstorm on concrete actions, delegate authorities and define deadlines that will see the realization of common objectives,” she said.
A.I
Nov. 28, 2024
Tags: Hafsat Abubakar Bakari NFIU
