Professionals To Mitigate Money Laundering, Terrorism Financing

Professionals in Legal Compliance, Consulting, and Anti Money Laundering have adopted measures to mitigate money laundering and terrorism financing risk amongst greylisted countries, noting that, the move was apt to explore strategies to enhance transparency and create a conducive business compliance level amongst greylisted countries.

The professionals also stressed the importance of collaboration between the public and private sectors in facilitating Nigeria’s exit from the greylist.

This development was revealed during the 5th Annual Investigations, Compliance, and Ethics (I.C.E) Summit, hosted by Udo Udoma & Belo-Osagie, titled ‘Optimising Business in Greylisted Regions: Advanced AML Practices & Transparent Beneficial Ownership in Nigeria and Beyond.’ The summit featured prominent experts who shared valuable insights and perspectives.

Speaking on the sideline of the summit, Partner at Udo Udoma & Belo-Osagie, and the panel’s moderator, Adeola Sunmola, outlined the role of the Financial Action Task Force (FATF) in monitoring global money laundering and terrorism financing activities.

Sunmola highlighted the implications of Nigeria’s inclusion on the FATF greylist and emphasised the importance of adopting global standards to mitigate money laundering and terrorism financing risks.

She also underscored that the panel would evaluate Nigeria’s current status and draw insights from Mauritius, a nation that successfully exited the greylist.

Managing director, Pattison Consulting Limited and former Group Chief Compliance Officer, Access Bank Plc, Pattison Boleigha, articulated how greylisting introduces uncertainties that impact investor decisions and risk assessments.

“These uncertainties increase regulatory compliance risks and compliance costs for businesses in grey-listed countries, thus deterring foreign investment.” he said.

Buttressing the points made on greylisting, Chief Compliance officer, Rand Merchant Bank Nigeria, Bunmi Odufuwa, shed light on Nigeria’s proactive measures to address greylisting.

There are requirements for companies to disclose their ultimate beneficial owners (UBO) as a significant step in Nigeria’s commitment to removing itself from the FATF greylist.

The benefits of UBO disclosures include enhanced confidence among foreign investors seeking to do business in Nigeria.” she said.

To maintain accurate beneficial owner information, Odufuwa recommended that companies establish robust policies and processes, adhere to regulations, and carry out due diligence on customers.

Odufuwa also stressed the importance of collaboration between the public and private sectors in facilitating Nigeria’s exit from the greylist.

This is just as associate director of Forensics at Deloitte, Chizokam Okadigbo, emphasised the significance of building a strong online presence and adhering to comprehensive anti-money laundering compliance frameworks.

She advocated for a culture of compliance within organisations, underscoring record-keeping, employee training, and alignment with global compliance standards as essential elements.

Still speaking during the summit, Associate managing director at Kroll, Alexander Booth, provided insights into the impact of greylisting on a country’s international reputation and investor perception.

He emphasised that being greylisted does not signal the end of the world adding that, examples of other developed countries on the FATF grey list are the United Arab Emirates and Turkey.

Shianee Calcutteea of Bowmans, Mauritius, shared the negative impact of Mauritius’ greylisting on its economy and discussed the successful action plan that led to the country’s removal from the greylist.

She highlighted the collaborative efforts of both the public and private sectors in achieving this goal.

The 5th Udo Udoma & Belo-Osagie I.C.E. Summit served as a platform for in-depth exploration of crucial issues related to greylisting, compliance, and transparency, offering valuable insights to businesses and stakeholders operating in challenging regulatory environments.