Nigeria Seeks New Approach Against Illegal Financial Flows

Attorney-general of the federation and minister of justice, Prince Lateef Fagbemi (SAN), has called on the Action Group Against Money Laundering in West Africa (GIABA) to develop an institutional framework for the enforcement of financial crimes regulations in the sub region.

Fagbemi, chairman of GIABA Ministerial Committee, at the 27th meeting of the organisation said member countries should prioritise their national systems on Anti-Money Laundering and Combating Financing of Terrorism.

According to him, doing so would enable the countries to push their national institutions to perform to the highest of their capabilities and achieve progress in financial crimes control.

He said, “Our collective commitment to put in place legislative policy and institutional frameworks is necessary to protect the integrity of our financial systems from threats of money laundering, terrorist and proliferation financing.”

The attorney-general said the integral nature of the fight against money laundering, terrorist financing and proliferation financing to the safety and security of nations cannot be overemphasised.

He said the Financial Action Task Force (FATF) Standards are not punitive measures, but tools to ensure safety, security and prosperity in countries, regions, continents and the global community.

Also, the minister of interior, Dr Olubunmi Tunji-Ojo, described the meeting as apt, saying it would boost fights against money laundering, financing of terrorism and proliferation financing.

“For us, we understand the importance of tackling money laundering, terrorism financing, especially what we have gone through since the past 15 years.

“The only way to remove the monster within our internal security architecture is by getting to the root of tackling the financing of these organised crimes,” Ojo said.

The president of ECOWAS Commission, Dr Omar Touray, represented by Mr Mambury Njie, promised to support GIABA towards taking steps to consolidate existing gains.

He urged member states to continue to take practical steps to effectively address the strategic deficiencies identified in their AML/CFT systems, especially to strengthen key AML/CFT/P institutions.

On his part, the director-general of GIABA, Mr Edwin Harris, said the new website designed to provide detailed information about the organisation will become officially operational on Dec. 4, 2023 to promote growth.

Meanwhile, the FATF vice-president, Mr Jeremy Weil, commended Nigeria’s progress to date, saying he recognised the high degree of political commitment to sustaining the reforms.