•Wants stakeholders to ensure exit of Nigeria from FATF grey list
President Bola Tinubu has disclosed that the Federal Government through the efforts of the Office of the National Security Adviser (NSA) and the Attorney-General of the Federation (AGF) prosecuted and secured the convictions of over 100 terrorist financiers in the last two years.
Tinubu stated this on Tuesday during the National Anti-Money Laundering, Combating Terrorism Financing and Counter Proliferation Financing (AML/CFT/CPF) Compliance Summit, organised by the Nigerian Financial Intelligence Unit (NFIU) at the State House in Abuja.
The President, who was represented at the event by the Secretary to the Government of the Federation, Senator George Akume, stated that by taking away the funds, resources and material support behind Boko Haram and ISWAP, the Federal Government and other sub-nationals are denying them the ability to inflict terror on the communities and citizens.
According to the President, the Federal Government and other stakeholders are creating an environment in which the rural areas will thrive once again.
Speaking on the importance of denying funds to terrorists financiers, Tinubu said, “This approach of targeting the finance and following the money is recognised as a global best practice in combatting serious crime. It is an approach that we are utilising as a fundamental component of our National Strategies to combat serious criminal offences.
“Beyond terrorist financing, we are effectively targeting the illicit proceeds of criminal activity. Through the National Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) Strategy, the National Anti-Corruption Strategy and the National Drug Control Master Plan, the efforts of our key law enforcement and prosecutorial authorities are targeted on disruption of
the criminal financial networks.
“These strategies in particular target the most serious offences which have harmed the reputation of our country globally and caused significant difficulties to honest citizens travelling and doing business internationally.”
On the way forward to achieve desired objectives, Tinubu said, “ To enable more effective responses by our law enforcement agencies, this Administration has invested significant resources into their operations, upgrading their human resources and technical capacity. We have also
provided an enabling environment that prioritises the rule of law and non-interference in their operations.
“As we gather here today, I am proud to note the progress that we havemade as a nation to protect our financial system from threats, foreign and domestic that seek to harm our commonwealth and collective prosperity.
“As we seek to build a globally competitive economy which will enable us to lift enhance the livelihoods of our citizens, we must recognise the importance of ensuring that the integrity of our financial system is
sacrosanct.
The President further disclosed that the country has made progress to tackle the threats of terrorism and other violent crimes through the gallant action of the frontline troops and our security agencies.
Tinubu, however, said in line with the National Counter-Terrorist Financing Strategy, Nigeria has also enhanced its abilities to identify and pursue those individuals that finance the violent acts.
He further said, “As an outcome of these investments, through the efforts of the Nigeria Police, the EFCC, ICPC and NDLEA the number of investigations and prosecutions being converted into convictions has continued to increase.
“These investigations are also targeting the organised groups and barons behind these crimes. The ultimate objective is to ensure that we dismantle the entirety of the networks that perpetrate these crimes.”
The President also disclosed that his administration recognised the important role played by the private sector in Anti-Money Laundering and Counter-Terrorist Financing framework.
He said , “As the gatekeepers, our banks, capital market firms, lawyers and accountants are the first line of defence in our joint effort to protect our commonwealth. An efficient and effective private sector is the critical driving force for our economy and our ambition to become a middle-income country in the very near future.”
Tinubu further dwelled on the importance of regulatory and supervisory institutions, saying their roles cannot be overstated on the grounds that sustainable economic growth and development will only be possible in an environment of regulatory predictability and efficiency.
He added that through the efforts of the Central Bank of Nigeria (CBN) , the Securities and Exchange Commission (SEC) as well as the National Insurance Commission, the country has established the fundamental framework to ensure its financial institutions are effectively supervised.
The President further disclosed that the Special Control Unit Against Money Laundering in the EFCC is also working assiduously to ensure the designated non-financial businesses and professions understand and implement their obligations under the extant AML/CFT/CPF legal regime.
According to the President, the Special Control Unit has continued to enhance an effective collaborative effort through the Public-Private Dialogue Forum, an excellent example of working together across different sectors of our political economy to mitigate the threats that we face.
Speaking on one key area of concern for his administration, Tinubu said the inclusion of Nigeria on the list of jurisdictions under monitoring by the Financial Action Task Force (FATF), the so-called grey-list is unacceptable and must be addressed without further delay.
On the way forward to exit the grey list, Tinubu said, “The listing of Nigeria in February 2023 has grave consequences for our economy and the reputational damage is one that we must all take very seriously. As part of the inclusion of Nigeria on the list, Nigeria made a commitment at the highest political levels to the implementation of an Action Plan to address the deficiencies identified in our national AML/CFT/CPF framework.
“Through the leadership of the Honourable Attorney-General of the Federation, the Minister of Finance and the Minister of Interior as the Chair and co-Chairs of the Inter-Ministerial Committee on AML/CFT/CPF, and the coordination of the Nigerian Financial Intelligence Unit, we have made significant progress to implement this Action Plan.
“I am pleased to note the strong representation of the Inter- Governmental Action Group Against Money Laundering in West Africa (GIABA) at this summit. And I would like to reiterate to the Financial Action Task Force (FATF) and GIABA that this Administration remains committed to completing all items on the Action Plan by the deadline of May 2025 and to exiting the grey list.
1”However, our strategic objective does not end with just completing the action plan. Our end goal is to ensure that the entirety of our AML/CFT/CPF regime, across both the public and private sectors performs at the highest levels of effectiveness, efficiency and
compliance.
“This goal encompasses the current efforts to exit the grey list, effective preparation for the onsite assessment once the action plan is completed and in the medium-term early preparation for the next mutual evaluation which is due in 2027.
“These efforts will require the commitment of all stakeholders and a transformation of compliance into a necessary part of every-day business for all our organisations. This transformation reflects the changing global context within which our financial institutions are making their mark.
“As representatives of Nigeria, your adherence or lack thereof with global standards and regulations reflects the culture of compliance that we have established in Nigeria.
“The global community is increasingly intolerant of poor corporate behaviour and governance and as we seek to leverage the continental and international expansion of our financial sector, our regulatory and supervisory agencies must ensure that violations of extant regulations are met with the most proportionate and dissuasive sanctions”
The President also commended the NFIU for its foresight in organising the summit as the country seeks to chart a path towards progress.
Tinubu said, “I also recognise the efforts of the NFIU in the progress made not just on the implementation of the FATF Action Plan to exit the greylist but in its efforts to lead the efforts to strengthen Nigeria’s AML/CFT framework.
“The NFIU as the National AML/CFT Coordinating Agency, the Secretariat of the Inter-Ministerial Committee and the National Sanctions Committee play a pivotal role in preventing and detecting serious crimes in our dear country.
“Indeed, the NFIU has continued to make valuable contributions to the economic development agenda of this Administration by supporting Federal and State Revenue generating agencies with data to improve domestic revenue mobilisation.
“And the intelligence provided by the NFIU is supporting investigation and prosecution of particularly complex money laundering and terrorist financing cases, while its leadership role in the regional and global AML/CFT arena has demonstrated Nigeria’s commitment to international standards.
“I would like to urge you all to recommit yourselves to our collective goal of protecting the prosperity and wellbeing of our nation and our citizens. It is only through our collective vigilance and action that
we can ensure that those who seek to subvert our institutions and our economy for their illegal purposes are detected and deterred.”
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