Compliance Officers Seek Renewed Efforts against Money Laundering, Terrorism Financing

Ugo Aliogo

The Association of Chief Compliance Officers of Banks in Nigeria (ACCOBIN) has called for renewed efforts in curbing money laundering and terrorism financing.

Speaking at a three-day retreat in Lagos with the theme: ‘Managing Compliance in a Changing World,’ the Chairperson, ACCOBIN, Yemi Ogunmoyela, said the compliance environment was driven by technology, a new generation of customers, very high demands and expectations under a global ecosystem, adding that Working-From-Home (WFH) has now become Working-From-Anywhere (WFA).

He also stated that the world is at the threshold of high internet access, pointing out that these innovations would challenge old models of regulatory thinking.
He also noted that there is a need to look at the trends and patterns of compliance and focus on what needs to be done in 2022.

In his remarks, the former Assistant Inspector-General of Police (AIG) Counter Fraud Centre, Mr. Mu’azu Zubairu, said that in Adamawa State alone, there are well over 120 exits with no presence of government or immigration agency.

He further explained that if the banks are looking at how terrorism financing is conducted in other parts of the world, and want to adopt the same in Nigeria, it would not work.

“We need to understand that the funding and amount of capital needed for Terrorism Financing are not as huge as we have in money laundering, whilst we need to pay attention to these transactions linked to these hotbed areas,” he said.

In his presentation on Terrorism Financing, Managing Director of Mo and Associates, Muhammad AbdulRahman, revealed that: “Boko Haram’s initial funding came from al-Queda. They got an initial fund of $3million from Osama Bin Laden. These terrorists have a root and funding somewhere. The terrorists are devising their means of funding without going through the banks. Some of the funds are gotten through robbery, bombings, car snatching, and mass kidnappings”

Highlighting the loopholes in the fight against terrorists, AbdulRahman stated that with porous borders, terrorists move in weapons, and logistics supplies, hence the reasons Nigeria is not winning the war against terrorism. He also argued that cooperating with law enforcement agencies is very important in the fight.

He further stated that the law enforcement officers should understand that the chief compliance officers who are at the receiving end of the varying degrees of harassment and queries from regulators and law enforcement officers, should be appreciated as collaborators “because they play a very pivotal role.”

On her part, the Director of the Nigerian Financial Intelligence Unit (NFIU), Roselyn Izuagbe, averred that countries are faced with these threats which threaten peace.

She added: “Of late terrorists have acquired a global dimension that requires the attention of all. Terrorism affects all. Like every other crime, terrorists use all means to raise funds – from kidnapping, mining, robbery, trade-based activities, cattle rustling, and banditry.”