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Terrorism Funding: Nigeria Moves To Join Financial Action Task

Published

3 years ago

Oct 31, 2021.

This is in line with the resolve of the government to address the challenges of money laundering and terrorism financing….

EKO HOT BLOG reports that the Federal Government has indicated willingness to become a member of the global Financial Action Task Force (FATF) on money laundering and terrorist financing watchdog.

Attorney-General of the Federation and Minister of Justice, Abubakar Malami, disclosed this at the Extraordinary Ministerial Committee Meeting of the Intergovernmental Action Group Against Money Laundering in West Africa (GIABA).

This is in line with the resolve of the government to address the challenges of money laundering and terrorism financing, a statement by the spokesman for the office of the AGF, Umar Gwandu, said on Saturday.

“The FATF monitors 39 member countries to ensure full and effective implementation of FATF Standards, thereby holding nations that do not comply accountable,” it said.

According to Malami, Nigeria’s Financial Intelligent Unit has issued an executive alert to all Ministries, Departments, and Agencies (MDAs) for the implementation of the action plan on Nigeria’s follow-up process.

He thanked FATF, GIABA, and member states for reviewing and adopting the just-concluded second Mutual Evaluation Report (MER) of Nigeria.

The minister stated that to achieve the purpose of the subsequent high rating of the technical compliance and effective for the country on follow-up review, MDAs have been directed to constitute an internal technical committee to review the report and work out modalities for implementation.

He assured the member states that Nigeria has a high-level commitment to addressing money laundering and terrorism financing in order to ensure a stable and peaceful nation for the people.

Malami added that where the implementation process and follow-up evaluation on the MER was concluded, Nigeria further requested the support of GIABA to commence the application for membership into FATF.

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