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NFIU Closes In On Money Laundering, Terrorism Financing

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The Nigerian Financial Intelligence Unit (NFIU) has revealed that it is currently working on a plan to bridge the gaps in efforts to combat money laundering and terrorism financing in Nigeria, whilst also fostering timely information exchange and sharing between member financial intelligence units within West Africa sub-region.

NFIU said lack of common anti-money laundering and counter financing of terrorism compliance standards enable criminals to move from one institution to the other institutions.

NFIU Director Modibo Tukur made the remarks yesterday at the 5th induction ceremony and annual general meeting of the Compliance Institute of Nigeria (CIN) in Abuja. He said anti-money laundering and counter financing of terrorism are challenging endeavours and special battles of global concern that can only be won through cooperation, effective coordination and collaboration.

Tukur said financial institutions, in particular, banks remain a key conduit through which money flows and money can be laundered, a situation he said “makes the financial system the focal point of anti-money laundering and counter financing of terrorism initiatives.”

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Represented by Muhammed Giya, the director said “These criminals exploit the complexity of the global financial system, the speed at which money can traverse borders, as well as differences between national laws to carry out their concealment objectives.”

He said special money laundering schemes such as trade-based money laundering that are cross border in nature can only be defeated through effective collaboration, coordination and extensive use of technology.

“All anti-money laundering/counter financing of terrorism stakeholders should entrench strategic partnership that will potentially take the form of a platform where all parties (both private and public) along the value chain collaborate — sharing relevant information, standardising AML-CFT compliance standards, and collectively monitoring for red flags,” Giya urged.

Meanwhile, the President, Compliance Institute of Nigeria, Mr Pattison Boleigha, congratulated the inductees for their gallant efforts in taking and passing the Institute’s examinations.

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“I reassure you that you have joined a select crop of professionals that will help reshape the corporate compliance culture in Nigeria, Africa and indeed, the world,’’Boleigha enthused.

 

“The skills, knowledge and expertise that you gained will enhance your professional competencies and enable you to secure good compliance jobs and professional dignity that will help you provide value added services to your employers, thus furthering the standards and developments of the Compliance profession,” he said.

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