Nigeria Scales Down To 15 Items From 84 In AML/ CFT List

Nigeria has made a significant scale-down in the number of deficiency items in the grey list of anti-money laundering and counter-financing of terrorism (AML/CFT) from 84 items contained in the evaluation report in August 2021 to 15 items.

This was, as the Federal Government reiterated its commitment to step up efforts that will see to the exiting of Nigeria from the grey list of anti-money laundering and counter-financing of terrorism (AML/CFT).

As part of the strategy to achieve the target, Nigerian Financial Intelligence Unit (NFIU) convened a two-day compliance retreat for stakeholders from the public and private sectors.

The retreat was intended to galvanise further action following the enactment of a new legislative and regulatory framework in May 2022.

An NFIU statement issued Thursday in Abuja signed by Ahmed Dikko, Chief Media Analyst, quoted the agency’s Chief Executive Officer of the NFIU, Modibbo HammanTukur as affirming the agency’s commitment.

” At the opening of the retreat, the Chief Executive Officer of the NFIU, Modibbo HammanTukur noted that following Nigeria’s engagement with the FATF in February 2023 and the FATF’s recognition of the progress made by the country, a list of 15 items was jointly agreed to form part of the country’s Action Plan. This is a significant reduction from the 84 items identified as deficiencies in the country’s evaluation report published in August 2021″, he was quoted as saying.

Represented by Associate Director, Legal and Sanctions, the NFIU boss noted that “ stakeholder agencies involved in the country’s AML/CFT framework together with representatives from the private sector met in May this year and agreed a revised strategic roadmap to exiting the grey list”.

He said that achieving the ultimate objective requires consistency, commitment and coordinated efforts by all stakeholders and particularly reporting entities from the private sector. He further issued a challenge to all participants to ensure that the financial sector is not seen as a safe-have for dirty money.

Also speaking at the event, the Permanent Secretary of the Federal Ministry of Finance, Budget and National Planning, Aliyu Ahmed, called on all stakeholders to put in place appropriate measures to prevent abuse of Nigeria’s financial system.

In his remarks, Dr Roland Ottaru (SAN), who represented the President of the Nigerian Bar Association, Yakubu Maikyau SAN, OON, reiterated the commitment of the NBA to ensuring adherence to the FATF Standards by its members. Dr Ottaru also announced the NBA’s readiness to partner with the NFIU in organizing sensitization campaigns for members of the legal profession on effective AML/CFT measures.

Other participants at the retreat include representatives of the Central Bank of Nigeria, the Securities and Exchange Commission, the National Insurance Commission, the Economic and Financial Crimes Commission, the Corporate Affairs Commission, the National Drug Law Enforcement Agency as well as the Real Estate Developers Association of Nigeria, the Association of Bureau De Change Operators of Nigeria, Association of Chief Compliance Officers of Banks in Nigeria amongst others.