Featured, Science & Tech
By Christabel Ejenike
HAFSAT Abubakar Bakari, the Chief Executive Officer of Nigeria Financial Intelligence Unit, NFIU, says that the NFIU, the Minister of Interior and other relevant agencies are working on an Identity Management System that will be able to identify every citizen.
Responding to a question on false individual data at a roundtable jointly organised by the NFIU and the London Stock Exchange on Thursday in Lagos, Bakari reiterated that “no one organization, public or private has the capacity to confront the myriad of financial crimes challenges we face in isolation. It’s only through cooperation that we can expect to win”.
According to her, Nigeria and the global community face a growing and interconnected web of financial crimes that undermine the economic integrity and threaten the national and global security.
She noted that these financial threats are complex, international and exploit weaknesses in global cooperation, information sharing and regulatory gaps and undermining efforts to combat financial crime and stressed the need for PPPs through Financial Information Sharing Partnerships to provide a structured and effective platform for the pooling of resources, intelligence and technologies.
Bakari referred to the BVN as a successful example of PPP initiative between the CBN and commercial banks which has been transformative in combating financial crimes.
She, however, urged both sectors not to rest on their oars at just the BVN, but to seek new innovative approaches which can involve sharing KYC systems, joint analytical teams, shared watchlists and multi-sectoral fusion centres which have been used extensively in other jurisdictions.
28th November, 2024.
C.E
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