FG prosecutes 100 Terrorist Financiers Last 2 Years

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…President Tinubu Assures Of Fulfilling All Anti-Money Laundering Laws To Exist Nigeria From FATAF’s Grey List.

The federal government has prosecuted over one hundred terrorist financiers in the last two years, president Bola Ahmed Tinubu disclosed on Tuesday.

This was, as he affirmed commitment of his government, to completing all items on the Anti-Money Laundering, Counter-Financing of Terrorism and Proliferation (AML/CFT/CPF) action plan by May 2025 deadline; a pre-requisite condition for exiting the country from FATAF’s grey list.

But ,beyond meeting all action plans stipulated by the Intergovernmental Action Group against Money Laundering in West Africa (GIABA) and Financial
Action Task Force (FATF) respectively, Tinubu said the country’s strategic objective, was much more than meeting GIABA and FATF mandates.

Nigeria was placed on the FATF’s grey list in February 2023. The FATF and GIABA are working together , to help Nigeria address deficiencies in its anti-money laundering (AML) and counter-terrorism financing (CTF) regimes.

Tinubu gave the assurance in Abuja at the national AML/ CFT/ CPF compliance summit organized by Nigerian Financial Intelligence Unit (NFIU) with a theme: “Shaping the Future of Financial Integrity in
Nigeria: Emerging Trends and Best Practices”.

He was represented by Senator George Akume, Secretary to the Government of the Federation of Nigeria( SFG).

“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”, he said.

He expressed delight in progress that has been recorded with respect to money laundering, illicit financial flows and terrorism financing.

“We have made progress to tackle the threats of terrorism and other
violent crimes through the gallant action of our frontline troops and our security agencies.

However, in line with the National Counter-Terrorist Financing Strategy, we have also enhanced our abilities to identify and pursue those individuals that finance these violent acts. Through the efforts of the Office of the National Security Adviser and the Honourable
Attorney-General of the Federation we have prosecuted and convicted
over 100 terrorist financiers in the last two years”, he said.

According to him, by taking away the funds, resources and material support behind Boko Haram and ISWAP , he said the government denies them ability to inflict terror on communities and citizens. The government, Tinubu said was creating an environment in which ruralareas will thrive once again.

“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”.

He said his administration deliberately and consciously invested significant resources into law enforcement agency operations, by upgrading their human resources and technical capacity.

He said an enabling environment has been created that prioritises the rule of law and non-interference in their operations. He commended NFIU leadership, National AML/CFT Coordinating Agency, the
Secretariat of the Inter-Ministerial Committee and the National Sanctions Committee for their roles in preventing and detecting serious crimes in our dear country.

In a remark by Director – General of GIABA,Mr. Edwin W. Harris Jr, urged Nigeria not to limit her target, to the exiting the grey list, rather, he advised the country to be concerned about sustainability.

“I want to challenge us that exiting should not only be our target; the exit out of the grey list, but sustaining the gains made while on the grey list. Also, I feel preparation will enhance all of the gains for Nigeria. Nigeria is strategic to Africa region. Nigeria has set the pace in this fight. For example, almost all of our assessors come from Nigeria. Most of the best brains that will rely on in this fight come from Nigeria”

“Additionally, Nigeria has provided good financial and technical support to most of the smallest in our region. And then the question is: with all of these, why Nigeria is here on the grey list? We think this provides an opportunity for all of the policy makers, to work and have an open conversation and never forget that Nigeria will take this role. Nigeria will remain a pace setter; enhancing the integrity of its financial system so that other countries will take the example of Nigeria”, said GIABA DG.

Speaking to the second round of mutual evaluation, Harris provides insight.

“GIABA ended the second round of mutual evaluation in November 2024, which means results are the same. Almost all of our countries, including Nigeria, did well on technical compliance”.

“However, effectiveness was poor in all of our countries. Under the second round, six of our countries went under the grey list. Because of the criteria and threshold of $5 billion, some of our countries did not make it . But if it was not the case, all of our countries in West Africa would have been on the grey list. It’s a challenge that we all do better . To date, Ghana and Senegal have left the green list, Mali is coming up, and hopefully Nigeria will within this year. My point is this: It is time that we work together, enhance inter-agency cooperation, remove bribery from our operational duties, and work in the interests of our countries and the region. It is important to note that this causes reputational risks for our countries. It also affects investments that are highly needed to take care of youth unemployment in all parts of our countries. Towards this end, GIABA will continue to support the NFIU, other institutions in this fight”, he said.

Governor of Central Bank, Mr. Olayemi Cardoso urged Nigerians to rally round CBN in building a future in which country’s financial system stands as a model of integrity and resilience.

“Progress is being made in Nigeria and on the anticipated exit from the grey list .I would like to recognise all the efforts of the law enforcement agencies and corporations .The Central Bank of Nigeria remains committed to providing leadership and support required to achieve these objectives. Together with the unwavering support of the NFIU and other regulatory agencies and industry stakeholders, we can build a future where Nigeria’s financial system stands as a model of integrity and resilience”, he said.
He was represented by Deputy Governor, Financial System Stability (FSS) Mr. Philip Ikeazo.

Earlier in a welcome address, Chief Executive Officer of NFIU, Hafsat Abubakar Bakari, said NFIU in collaboration with its partners worked tirelessly to
address GIABA findings , leading to the implementation of far-reaching reforms.

“From improving compliance mechanisms to fostering better inter-agency cooperation, we have made substantial progress in addressing most of the identified deficiencies”, she said.