The Chief Executive Officer, Nigerian Financial Intelligence Unit (NFIU), Hafsat Bakari has said efforts are being intensified to remove Nigeria from the Financial Action Task Force (FATF) grey list.
Bakari who revealed this at the opening of the Agency’s inaugural Management Staff Retreat in Abuja, explained that at the global level, the NFIU is leading Nigeria’s efforts to exit the Financial Action Task Force’s list of jurisdictions under monitoring, known as the ‘grey-list.’
She expressed optimism in completing the remaining processes with the support of stakeholders, adding that Nigeria’s progress has paved the way for it to become the second African member state of the Task Force after South Africa.
She said,” Recognizing that our remit extends beyond the borders of Nigeria and also that the nature of serious crime is trans-national, and the proceeds of crime knows no borders or boundaries, we have strengthened our international partnerships. Apart from being the permanent secretariat for the west African forum of FIUs covering 17-member state in Africa, we have taken a lead role in re-invigorating the Lake Chad and Sahel network of FIUs which are cooperating to tackle terrorism financing.
“The NFIU was also elected in June 2024 as the Vice Chair of the prestigious Global Egmont Group of FIUs with a membership of 177 countries. The NFIU continues to support our fellow FIUs in the West African region under the leadership GIABA (the FATF-styled regional body representing West Africa) and we have successfully mentored the FIU of Liberia in being admitted into the Egmont Group. While we continue the mentorship of the FIUs of Gambia and Sierra Leone to achieve the same goal.
“At a global level, we continue to lead Nigeria’s efforts to exit the Financial Action Task Force list of jurisdictions under monitoring, the so-called “greylist”. While we still have some remaining steps to take, I am confident that with your support we will complete all the required steps within the next few months. Indeed, the progress that we have made as a country have opened the path for us to becoming the second African member state of the Task Force in the near future after South Africa.
“We will focus our international collaborations by increasing cooperation with jurisdictions which pose specific money laundering and terrorist financing threats to our country, particularly countries where organized criminal groups, ostensibly of Nigerian origin, have damaged our country’s reputation.”
Bakare quoted President Bola Tinubu, highlighting the need for decisive action for Nigeria’s welfare, as she outlined the NFIU’s pivotal role in the nation’s financial security framework.
She shared significant milestones achieved since her appointment, as well as outlined the agency’s proactive measures to address the evolving threats of money laundering and terrorism financing.
“The NFIU has also strengthen its technology platforms with the planned deployment of Artificial Intelligence and Machine Learning tools to assist us in our operational duties in the analysis of information and data in order to fast track our processes.
“The Unit is already in conformity to the federal government policy of a paperless working office environment. Additionally, the Crimes Records Information Management System (CRIMS) has been deployed to more competent authorities and states of the federation to further support information sharing through a secured and encrypted tool,” she said.
Bakare stressed the agency’s robust organisational structure aimed at aligning resources with the most vulnerable economic sectors.
She disclosed recent strategic engagements with various stakeholders, including private sector representatives, to foster collaboration and enhance operational efficiency.
According to her, these interactions have led to the formation of joint task forces and inter-agency committees focused on combating criminal activities.
Bakari stressed the need for public-private partnerships in leveraging information to combat financial crimes effectively.
She revealed the establishment of the NFIU training centre, designed to serve as a regional centre of excellence for both public and private sectors across Africa, with support from international partners.
The NFIU’s CEO emphasised the agency’s commitment to strengthening international partnerships to combat transnational financial crimes. She highlighted the NFIU’s leadership role in the West African forum of FIUs, covering 17 member states, and its efforts to reinvigorate the Lake Chad and Sahel network of FIUs to tackle terrorism financing.
FATF had in June approved Nigeria’s third progress report, recognising the country’s commitment to fully implementing the FATF action plan and the continued efforts by the Intergovernmental Action Group Against Money Laundering in West Africa (GIABA) to enhance its technical capacity.
It announced Nigeria’s significant progress in strengthening its anti-money laundering and counter-terrorist financing (AML/CFT) regime, earning upgraded technical compliance ratings from the Financial Action Task Force (FATF) at its June 2024 plenary meeting in Singapore.
At the NFIU management retreat, various dignitaries delivered goodwill messages emphasising the importance of the agency’s role in combating money laundering and terrorism financing.
The retreat served as a platform for stakeholders to strengthen partnerships and strategise on combating financial crimes, ensuring a unified approach towards enhancing Nigeria’s financial integrity.
