FG Seeks Partnership Against Money Laundering, Other Financial Crimes

The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), has raised concerns about the increasing use of real estate, non-governmental organizations (NGOs), and luxury goods as conduits for money laundering and other illicit financial activities in Nigeria.

Speaking at a one-day roundtable on the Public-Private Partnership (PPP) Framework for Combating Financial Crimes, Fagbemi noted that while the government has strengthened anti-money laundering laws and policies, criminals are finding new avenues to launder illicit funds, especially through the property market, charities, and professional services.

The AGF, represented by Chief State Counsel in the Federal Ministry of Justice, Ms. Chika Nnanna, emphasized that the government would continue its efforts to tackle illicit financial flows in the country.

The event was organized by Pattison Consulting in partnership with the Nigerian Financial Intelligence Unit (NFIU) and the British High Commission.

“Criminal proceeds are being laundered through real estate, luxury goods, and even charities. These sectors, if left unchecked, could become safe havens for illicit funds,” Fagbemi said.

He highlighted that traditional methods of combating financial crimes were no longer adequate and called for a coordinated public-private partnership to address money laundering, terrorism financing, and the proliferation of illegal arms.

In a related development, Dr. Vincent Olatunji, National Commissioner of the Nigeria Data Protection Commission (NDPC), represented by Babatunde Bamigboye, pledged to collaborate with the NFIU and other stakeholders to safeguard personal data while enhancing intelligence sharing.

Felix Obiamalu, the General Counsel of the NFIU, clarified that the AGF’s remarks were not an indictment of the entire real estate or NGO sector, but rather a call for stronger regulation.

Hafsat Abubakar Bakari, the CEO of the NFIU, stressed that Nigeria’s financial system remains under international scrutiny, urging all stakeholders to strengthen their collaboration to avoid a return to the global Financial Action Task Force (FATF) grey list.