Nigeria has received global commendation in its efforts at tackling money laundering and combating terrorism financing, says Mr. Stephen Oronsaye, former Head of Civil service of the Federation (HOCSOF).
Speaking in Abuja yesterday at a three-day workshop to develop a national strategy and action plan on combating money laundering and terrorism financing, Oronsaye said that the commendation letter had just been received.
Oronsaye is the chairman of the presidential Financial Task Force (FATF) to coordinate and implement prevention of terrorism and money laundering prohibition laws which were put in place this year.
He said: ``Only yesterday, July 26, 2011, the new FATF President, Giancarlo Del Bufalo, in a letter to the Presidential Committee on FATF welcomed the progress made by Nigeria and encouraged us to implement reforms that meet international standards.
``A key starting point for this phase of the committee’s work is the development of a national strategy and action plan to give practical effect to the new laws, Oronsaye said.
Oronsaye hoped the participants would develop a blueprint which would guarantee a more coordinated approach to implementing the laws, while also establishing a minimum standard of regulation and enforcement.
``This should include systems and processes required to provide for effective supervision of all relevant sectors and entities,’’ he said.
He thanked the Nigerian Financial Intelligence Unit (NFIU) for organising the workshop and also the Inter-Governmental Action Group against money laundering in West Africa, as well as the UK department for International Development Fund (DFID). (NAN)