NFIU Seeks International Community’s Support for Nigeria’s AML/CFT/CPF Reforms 

Alex Enumah in Abuja 

The Nigeria Financial Intelligence Unit (NFIU) has stated that support from the international community towards the country’s Anti Money Laundering, Counter-Financing of Terrorism and Proliferation (AML/CFT/CPF) reforms will go a long way in addressing the nation’s insecurity challenges.

The Chief Executive Officer of the NFIU, Mrs Hafsat Bakari, stated this recently during a parley with stakeholders at a meeting in the United States of America.

Bakari, who spoke at a roundtable organised by the Center for International Private Enterprise in Washington D.C, drew attention to the progress made by Nigeria to strengthen its Anti-Money Laundering and Counter-Financing of Terrorism and Proliferation (AML/CFT/CPF) framework.

According to a statement by NFIU’s spokesman, Sani Tukur, the CEO highlighted the steps taken by the NFIU and other stakeholders to improve national measures to ensure the integrity of the financial system and prevent abuse by money launderers and other criminals.

The statement noted that Nigeria is on the receiving end of terrorist activities in the Sahel and must adjust its AML/CFT/CPF strategy to include the private sector to succeed.

She said: “Nigeria faces a significant internal crisis of banditry and kidnapping linked to terrorism that the flow of weapons from Libya are a source of concern and is also directly associated with the escalation of Nigeria’s internal security crisis.”

While assuring the roundtable that the NFIU has the political will and support to do its job, the CEO stated that Nigeria needs institutional support to achieve its mandate. 

“She also added that Nigeria needs the help of the international community in the fight against terrorism and proliferation finance in the Sahel and the Lake Chad region.

“She revealed that the NFIU was able to revive the Joint Task Force on tackling terrorism finance in the Sahel, and later this month, member states will meet in Abuja to sign an MOU to that effect,” the statement read in part. 

Bakari also told the audience that: “Nigeria does not need a stopgap measure in fighting terrorism. We need a sustainable measure, and we need your help getting there.”

In a related development, the NFIU delegation was hosted by the Director of the Africa Programme at the Wilson Center, Ms. Oge Onubogu.

During the meeting, the CEO and Onubogu agreed on a number of joint efforts to ensure that there is a wider recognition of Nigeria’s ground-breaking reforms within the highest levels of the US public and private sectors. 

“In particular, the CEO noted that all Nigerian stakeholders, including the NFIU, have taken concrete and laudable steps to ensure that the financiers of terrorism are identified, investigated and prosecuted. 

“She further highlighted that the most effective means of combating terrorism is by ensuring the funds that are used to sustain these violent acts are identified and disrupted and the NFIU is working with all key stakeholders to build capacity, including through the imminent launch of the NFIU Training Centre which will be a regional centre of excellence and through the unit’s leadership of the Lake Chad FIUs Task Force on Terrorism Financing. 

“The CEO also announced to the gathering that Nigeria is making significant progress in its effort to secure membership of the Financial Action Task Force (FATF).

“The director of the Africa Programme at the Wilson Center assured the NFIU director of her willingness to provide a platform for the FIU to showcase Nigeria’s strategies in its fight against terrorism finance and counter proliferation finance.

“The delegation rounded off a productive week with a two-day training on the United Nations Security Council Resolutions 1373 and 1267 which require countries to use targeted financial sanctions to ensure that funds linked to terrorism are effectively frozen.

“The training, which was organised by the United Nations Security Council Analytical Support and Monitoring Team, provided the CEO and her team with insight into the dynamic nature of international funding for terrorist groups and will strengthen the work of Nigeria’s National Sanctions Committee which is the body responsible for the implementation of the country’s targeted financial sanctions regime,” the statement added.