From Juliana Taiwo-Obalonye, Abuja
Nigeria has made significant strides in its efforts to combat money laundering and terrorism financing, as evidenced by its impressive performance at recent meetings of the GIABA and Egmont group of Financial Intelligence Units (FIUs).
The Director/CEO of the Nigerian Financial Intelligence Unit (NFIU), Hafsat Abubakar Bakari, led a delegation to the plenary meetings, where she made a notable impact.
According to a statement issued by Head; Strategic Communications Office NFIU, Sani Tukur, the engagement is part of Nigeria’s quest to exit the grey list of the Financial Action Task Force (FATF).
Nigeria has made significant strides in improving its Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) framework, according to recent reports from the Financial Action Task Force (FATF). The country’s efforts had been commended by FATF officials, who praised Nigeria’s progress during a meeting in Paris, France, in December 2023. Nigeria’s 2nd progress report was adopted, with upgrades against six FATF criteria and compliance or largely compliance with 32 of the 40 FATF recommendations. This marks a significant improvement from its placement on the grey list in February 2023, where it was expected to make significant improvements in 15 areas.
At the 41st Technical Commission and Plenary meeting of GIABA, held in Senegal, Bakari was honoured with the role of chairing the meeting. This marked her first attendance at the meeting as NFIU boss.
Following the Senegal parley, she headed to the 30th plenary session of the Egmont group of FIUs in Paris, where Nigeria co-sponsored the admission of the Financial Intelligence Agency of Liberia into the Egmont Group.
Nigeria has been mentoring the Liberian FIU for full membership since 2019, and its successful admission is a testament to Nigeria’s ability to offer leadership in the fight against money laundering and terrorism financing.
Additionally, the Chief of Staff at the NFIU, Mohammed Shahid Ahmed, was selected as the Vice Chairman of the Egmont group, a move that was met with delight from both the Nigerian delegation and other FIUs representatives.
Before the recent meetings, Bakari led her team in signing Memoranda of Understanding (MOUs) with three countries: the Kingdom of Bahrain, the Democratic Republic of Congo, and the Sultanate of Oman. These MOUs aim to facilitate the exchange of information and establish strategic partnerships to combat money laundering, terrorist financing, and other serious crimes.
According to the statement, these developments are significant as Nigeria continues its efforts to exit the grey list of the Financial Action Task Force (FATF).