The Nigerian Financial Intelligence Unit, NFIU, has vowed to use everything within its arsenal to combat money laundering and other financial crimes in the country.
This was disclosed by the Chief Executive Officer of NFIU, Hajiya Hafsat Bakari in Abuja on Monday.
Bakari who made this disclosure at the opening session of the 1st NFIU Management Retreat, emphasized the unit’s commitment to working with stakeholders to achieve this goal. She cited the need for collaboration and information sharing to stay ahead of criminals.
The CEO state her resolve to remove Nigeria from the Financial Action Task Force, FATF, grey list by May 2025.
To achieve this, she noted that the NFIU has developed a robust and innovative organizational structure. And is prioritizing high-risk predicate offenses and enhancing domestic cooperation to contribute to ongoing law enforcement and regulatory actions.
The CEO explained that the unit has also established joint task forces and inter-agency committees. These, she said, is to strengthen mutual cooperation in tackling criminal activity. She pointed that Unit has engaged extensively with the private sector to leverage its expertise and resources.
Bakari also disclosed that the NFIU has mentored other Financial Intelligence Units, FIUs, in the region. These, she said included those in Liberia, Gambia, and Sierra Leone.
She pointed that Unit is working towards becoming the second African member State of the FATF after South Africa.
Bakari also recognized the support of stakeholders, including the President, government officials, and international partners. She, therefore, pledged to continue working together to achieve their common goal.
She said: “We recognize that without all of you, from the institutions that act as gatekeepers to the competent authorities that follow the money. And the prosecutors and judiciary that ensure appropriate sanctions are applied for violations of the law, our work counts for very little.
“I believe that if we work together in true partnership, our success is not only possible, it is guaranteed.
“Our primary role is to ensure that we are able to leverage the multiple sources of information and data we have access to. In order to provide national and international competent authorities with the intelligence they require to investigate crimes and prosecute criminals.
“We will continue to enhance our domestic cooperation. Our goal is to be able to contribute on a real-time basis to ongoing law enforcement and regulatory actions.
“We will prioritize engagement and collaboration to enhance public-private and private-private partnerships. This is in order to ensure that we leverage the depth and breadth of information that had previously been held in multiple silos.”
In his remarks, the Attorney General of the Federation, Lateef Fagbemi, commended the NFIU’s efforts. He noted that its work is crucial to Nigeria’s exit from the FATF grey list.
He said, “The efforts of the Unit will remain key in removing Nigeria from the Financial Action Task Force grey list. Which will be due in May 2025.”
In his speech, Chairman of the National Drug Law Enforcement Agency, NDLEA, Brig. Gen. Buba Marwa, rtd, lauded the NFIU’s prompt responses to information requests. He stated that this has led to significant recoveries and convictions.
“The NFIU’s prompt responses to information requests have led to significant recoveries of hotels, properties, and bank accounts, as well as several convictions,” Marwa noted.
In the vein, the Deputy Governor of the Central Bank of Nigeria, CBN, Muhammad Sani Abdullahi, spoke on the importance of financial intelligence in safeguarding the country’s financial system. He, therefore, pledged the CBN’s support for the NFIU’s efforts.
He said: “The importance of financial intelligence cannot be overstated in safeguarding our vulnerable financial system, which necessitates robust AML/CFT controls.
“We must recommit to the country’s development. To stay ahead of emerging threats, and embark on this retreat with a shared vision for a sound financial future.”
Other speakers at the occasion including the Commandant General of the Nigerian Security and Civil Defence Corps, Abubakar Audi, also commended the NFIU’s work and pledged their support.
source: Vanguard
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