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CAC, NFIU Bolster Cooperation To Combat Illicit Financing, Aid Nigeria’s Exit from FATF Grey List

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9 months ago

Mar 16, 2024.

CAC, NFIU Bolster Cooperation To Combat Illicit Financing, Aid Nigeria's Exit from FATF Grey List

Eko Hot Blog reports that the Corporate Affairs Commission (CAC) has pledged to reinforce its partnership with the Nigeria Financial Intelligence Unit (NFIU) in a concerted effort to combat illicit financing and ensure Nigeria’s exit from the Financial Action Task Force’s (FATF) grey list.

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This commitment was underscored during a courtesy visit by the Director/CEO of the NFIU, Hafsat Bakari, to the CAC’s headquarters on Friday.

In a proactive move, the CAC’s Registrar-General and Chief Executive Officer, Ishaq Magaji, approved the immediate establishment of a joint committee with the NFIU and a dedicated desk to handle all matters related to their collaboration. This decision aims to streamline communication and enhance the effectiveness of their joint efforts.

“We recognize the importance of our cooperation with the NFIU in addressing financial crimes and ensuring Nigeria’s compliance with international standards,” Magaji stated. “The immediate formation of a joint committee and a dedicated desk underscores our commitment to this crucial partnership.”

Magaji further urged the NFIU to ensure optimal utilization of the Application Programming Interface (API) granted by the CAC, emphasizing the need for knowledge sharing and capacity building for the benefit of staff from both agencies. Additionally, he proposed a review of the existing Memorandum of Understanding (MoU) between the two organizations to enhance its efficiency.

CAC, NFIU Bolster Cooperation To Combat Illicit Financing, Aid Nigeria's Exit from FATF Grey List

The CAC’s proactive measures were warmly received by Hafsat Bakari, who acknowledged the strong relationship between the NFIU and the CAC in strengthening the fight against money laundering, illicit financial flows, and other serious predicate offenses in the country.

“As an agency that relies on access to reliable and high-quality data, the NFIU was pleased with the strides made by the CAC in developing a world-class Beneficial Ownership Information Register,” Bakari said, highlighting the register’s critical role in tracing and identifying the beneficiaries of illicit proceeds.

Bakari emphasized the need for greater collaboration between the two agencies to support the Federal Government’s efforts to ensure Nigeria’s exit from the FATF grey list in the shortest possible time. She noted that two of the 15 items on Nigeria’s action plan fall squarely within the remit of the CAC, underscoring the commission’s pivotal role in this process.

The strengthened partnership between the CAC and the NFIU is a significant step towards combating illicit financing and addressing the challenges that led to Nigeria’s inclusion on the FATF’s grey list. By leveraging their respective expertise and resources, the two agencies aim to enhance transparency, accountability, and compliance with international standards, ultimately paving the way for Nigeria’s removal from the grey list.

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