Security
By Anthony Isibor
THE Nigerian Financial Intelligence Unit, NFIU, has called on relevant stakeholders to imbibe compliance culture, which represents Nigeria’s shared commitments to protecting its financial system from abuse by criminals and other non-state actors.
Hafsat Abubakar Bakari, Chief Executive Officer, NFIU made the call on Tuesday at the National Anti-Money Laundering, Combating Terrorism Financing and Counter Proliferation Financing, AML/CFT/CPF Compliance Summit.
The event, which was organised by the NFIU, was aimed at further strengthening the Nigerian financial system, build capacities of reporting entities, and also foster partnerships necessary to effectively combat money laundering, terrorism financing and proliferation financing.
Speaking on the theme “Shaping the Future of Financial Integrity in Nigeria: Emerging Trends and Best Practices”, Bakari revealed that the 2019 Mutual Evaluation Report conducted by the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) brought to light areas where it needed to strengthen its AML/CFT/CPF regimes.
Consequently, as a result of the deficiencies identified, Nigeria was placed under enhanced monitoring by the International Cooperation Review Group, ICRG, process otherwise known as the so-called Grey List an outcome that has amplified both the urgency and importance of our collective response.
She, however, noted that the NFIU, in collaboration with other partners, have worked tirelessly to address these findings and implement far-reaching reforms.
“From improving compliance mechanisms to fostering better inter-agency cooperation, we have made substantial progress in addressing most of the identified deficiencies,”
According to Sheikh Mohammed bin, Rashid Al Maktoum, the ruler and Prime Minister of the UAE, a country that recently exited the Grey List stated: “The more we achieve, the more we realize how much more we can achieve.”
Therefore, as a country, there is need for us to continuously sustain the gains we have made, especially as crimes continue to evolve and global standards grow increasingly stringent.
“Notably, we have made giant strides in AML/CFT/CPF obligations by reporting entities. Hence, amongst other things, this Summit seeks to sustain a compliance-first culture across all reporting entities in Nigeria.
“Again, let me borrow the words of Sheikh Mohammed bin Rashid Al Maktoum, where he stated that “the bigger your vision, the bigger your achievement will be.”
Therefore, our vision at the NFIU is to be the leading FIU in the world because currently, we are already amongst the best. Which is why we are witnessing the convergence of compliance officers across the financial sector who are primarily responsible for AML/CFT/CPF reporting obligations,” she added.
Bakari, who also described the Summit as a clarion call for all to align efforts, identify innovative solutions, and reaffirm commitments to building a resilient and transparent financial system that meets the highest international standards, called on all participants to join in the fight against financial crimes as no one single entity can win it alone.
According to her, the fight requires the collective strength and commitment of political leaders, regulators, financial institutions, law enforcement and security agencies and international partners.
“The presence of such a diverse and distinguished group of stakeholders in the public and private sectors here today is a testament to the power of collaboration. We are united by a common purpose therefore, let us seize this moment to strengthen these partnerships and work towards a shared vision of a sound financial system.
“Collaboration must be at the heart of our approach if we are to succeed in mitigating risks and safeguarding our financial system,” she said.
Realnews reports that the event, which serves as a medium to consolidate the gains of national AML/CFT/CPF strategy had leaders, subject matter experts, and practitioners from across the political class, financial sector, regulatory bodies, government agencies, international organizations, and the private sector in attendance.
A.I
Jan. 22, 2025
Tags: Hafsat Abubakar Bakari NFIU Nigerian Financial Intelligence Unit Rashid Al Maktoum Sheikh Mohammed bin
