I am delighted to be with you at this maiden management retreat organized by the Nigerian Financial Intelligence Unit. I would like to appreciate these efforts by the Director and senior management to enhance the ability of the Unit to contribute to assuring collective security and stability of our financial system.
As the Chairman of the Inter-Ministerial Committee on AML/CFT/CPF and the Chair of the GIABA Ministerial Commission, I constantly have resort to the resources available to the NFIU in addressing some critical issues that have to do with our efforts to tackle illicit financial flows, serious crimes and recovery of proceeds of crime. Through these interactions, I have been impressed by the capacity of the Unit and the expertise of many of its staff.
I am particularly pleased with the efforts being made by the CEO to ensure that Nigeria delivers on its international commitments and in particular, the completion of the 15-point action plan to see us exit the grey-list of the Financial Action Task Force.
While the actions cut across the entirety of stakeholder agencies, NFIU continues to play a commendable role in coordinating national response to and enhancing capacities of institutional and legal frameworks towards addressing AML/CFT and CPF regimes in Nigeria.
As we all recognize, money laundering, terrorism financing and other serious crimes are trans-national in nature. Our ability, as members of the criminal justice system, to combat these illicit activities requires access to timely, reliable and actionable financial intelligence from both domestic and international sources.
Without credible intelligence on how criminals move, store and use the proceeds of their illicit activities, we are unable to remove the most critical element of the crime, the funds that accrue and incentivize further criminal acts.
I believe this retreat underscores the Unit’s determination in undertaking an effective stock-taking exercise to identify gains and examine gaps in efforts to tackle AML/CFT/CPF in Nigeria.
It further provides an opportunity for the to deliberate on matters relevant to its internal processes and activities, as well as design and implement new sets of tools and frameworks to ensure it remains ahead of criminals.
I would also like to highlight the importance of ensuring that this retreat requires analyzing critical feedback from stakeholders. In this regard, I am very pleased to note the range of participants you have invited from both the public and private sector.
This is a testament to the collective will of NFIU’s management in ensuring effective stakeholder participation and collaboration in developing and adopting appropriate strategies to further strengthen our resolve to combat money laundering and terrorism financing.
I am confident that this programme will yield positive outcomes and I look forward to the outcomes of the retreat and in particular reading the new Strategy that you intend to develop.
I would like to assure the Director/CEO and her entire team of my continued support and commitment to ensuring that the Unit has the resources required to carry out its mandate effectively.
Let me conclude by wishing you very productive deliberations and discussions over the next few days. I thank you all for your kind attention.
Fagbemi, a Senior Advocate of Nigeria (SAN)
and the Attorney-General of the Federation (AGF) and the Minister of Justice, delivered this goodwill message at the opening ceremony of the High Level Retreat of the Nigerian Financial Intelligence Unit (NFIU) in Abuja on Monday, August 19, 2024
