FG Urged to step-up commitment to AML/CFT

Chuks Udo Okonta

The immediate past Director General of Inter–Governmental Action against Money Laundering in West Africa (GIABA), Dr. Abdullahi Shehu has lamented the current low level of commitment by the Federal Government to the issues of Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) in the country.  

He made this remark in Abuja on Thursday, 29^th January, 2015 at the public presentation of a book entitled ‘Anti-Money Laundering & Combating the Financing of Terrorism in Nigeria’ written by Sam Chukwuka Onyeka and published by Transparent Protection Ltd./Gte, a financial sector civil society organization.

The GIABA boss while commending the author for his incisive and brilliant work hoped that AML/CFT stakeholders in Nigeria will be able to take advantage of the book for capacity building especially as Nigeria prepares for the second round of GIABA conducted mutual evaluation.

Dr. Shehu regretted that the country was not ready for the mutual evaluation. He was emphatic that Money Laundering and Terrorism Financing National Risk Assessment which is a critical element of the mutual evaluation required to be conducted under the Financial Action Task Force Recommendation 1 has not been carried out. He therefore held that concerted efforts involving the Federal Government, law enforcement agencies and other relevant stakeholders should be made towards addressing the remaining observed deficiencies in the AML/CFT regime, otherwise, it would be advisable for Nigeria to request that the mutual evaluation to be shifted to a later date.

While reviewing the book, the Director General of Nigerian Institute of Advanced Legal Studies (NIALS), Professor Adedeji Adekunle, commended the author’s special capacity for rigorous research and depth of knowledge of the subject matter. Also the Director General of the National Drug Law Enforcement Agency (NDLEA), Mrs. Bode George praised the author for the book and encouraged him to carry out a research on how to improve collaboration among relevant law enforcement agencies in the country as a means of improving efficiency in investigation and prosecution of the crimes of money laundering and terrorist financing in Nigeria.

The author, a former lecturer and currently staff of National Insurance Commission (NAICOM) is a Certified Anti-Money Laundering Specialist and member of the Presidential Committee on Financial Action Task Force (FATF).  

The book presentation attracted stakeholders from all walks of life. Among the dignitaries in attendance were NDLEA Director General, Mrs. Bode George and the Chief Presenter, Prince Chika Ezerioha. Others include representatives of the Inspector General of Police, Chief of Naval Staff, Chief of Army Accounts, Comptroller General of Customs and Excise Department, FCTA, National Orientation Agency, Construction Companies, Federal Road Safety Corps, Presidents of ICAN, ANAN, CITN, and some financial sector regulators including the Securities and Exchange Commission (SEC), CEO of banks and Insurance companies, Insurance broking firms, FBO’s, MDA’s and the media.