The Federal Government has said it will not relent in its determination to rid the nation of illicit financial crimes.
The Attorney-General and Minister of Justice, Lateef Fagbemi, disclosed this yesterday at the opening of the 40th Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) Plenary Meeting holding in Abuja.
He said since 2021 Nigeria has taken significant steps to enhance its national anti money laundering and terrorist financing (AML/TF) legal framework.
According to him, “In 2022, Nigeria reviewed critical legislations to enhance our AML/CFT/CPF regime, including the Proceeds of Crime (Recovery and Management) Act, the Money Laundering (Prevention and Prohibition) Act and the Terrorism (Prevention and Prohibition) Act.”
He said that the sustained investment in the fight against money laundering has resulted in an increased numbers of investigations, prosecutions and convictions since 2021 with 5,118 investigations, 1,509 prosecutions and almost 500 convictions secured resulting in over N45 billion of illicit proceeds seized.
He commended the leadership of GIABA for the great work it is doing in the sub-region and called for more efforts to to put an end to illicit financial crime in West Africa.
“As the regional institution responsible for strengthening the capacity of member States to fight money laundering and terrorist financing, the importance of GIABA has only increased over the decades,” the minister said. “Across our sub region, we face myriad of challenges, from the threats of illicit financial flow to the existential dangers posed by terrorist groups.
“These challenges are not confined to our sub region alone, but span across the globe and in this respect, the importance of regional and international cooperation must be at the core of our efforts to combat money laundering, terrorist financing and the financing of proliferation of weapons of mass destruction. “
Earlier in his welcome address, GIABA National Correspondent, who is also the Director of Nigerian Financial Intelligence Unit (NFIU), Mr. Modibbo Haman Tukur, said over the past few years, Nigeria has seen significant reforms in her Anti-Money Laundering and Terrorism Financing (AML/CFT) regime.
He said the entire AML/CFT architecture have continued to receive massive support, collaboration and assurances from the Executive, Legislature and the Judiciary.
According to him, “Indeed, we have enacted some very important legislations to enhance technical compliance with international AML/CFT standards.”
Also speaking, the Director General of the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA), Mr. Edwin Harris Jnr called on member States to create a mechanism that takes away profits from criminal activities. “This mechanism should now form core part of our fight against Money Laundering and Terrorist Financing and other transnational crimes,” he said, adding, “It becomes more imperative that the mandate of GIABA restricted to fighting Money Laundering and Terrorist Financing in keeping the economies of West Africa safe be visited to include other major component in keeping with emerging trends and current day realities.”