Nigeria Exits Global Money Laundering And Terrorists Financing Watch List -

Nigerian businesses are now free
from the repercussions of the
country being labeled a non-
cooperating and high-risk
jurisdiction in the aspect of money
laundering and terrorists financing.
This is because the Financial Action
Task Force (FATF) has removed the
country from the list of high-risk
territories regarding money
laundering and financing of
terrorism.
“It is expected that there will be
great reduction in the costs and time
line of financial transactions
between individuals and institutions
between Nigeria and other
countries. Besides the guarantee of
improved global rating for the
country’s financial system, the
amended laws and regulations will
strengthen the enforcement and
regulatory capacities of relevant
institutions in Nigeria,” said Stephen
Oronsaye, Chairman, Presidential
Committee on Financial Action Task
Force.
Oronsaye in a press release entitled
“Nigeria Finally Exits FATF” attributed
the FATF’s decision taken yesterday
during its meeting in Paris, France,
to Nigeria’s efforts geared towards
tackling the crime of money
laundering and financing of
terrorism, including through
measures to ensure national co-
ordination. Said Oronsaye:
“The Financial Action Task Force
(FATF) plenary has removed Nigeria
from its Public Statement following
the country’s full implementation of
the mutually agreed Action Plan and
the exhibition of a clear political
commitment to continue the
development of its Anti-Money
Laundering/ Combating the
Financing of Terrorism (AML/CFT)
regime.
“The Financial Action Task Force
(FATF) is an inter-governmental
body established in 1989 by the
Ministers of its Member jurisdictions.
The objectives of the FATF are to set
standards and promote effective
implementation of legal, regulatory
and operational measures for
combating money laundering,
terrorist financing and other related
threats to the integrity of the
international financial system.
“In a statement issued on Friday,
October 18, 2013, in Paris, France,
the FATF expressed satisfaction with
the political will displayed by Nigeria
in improving its Global AML/CFT
Compliance.
“Accordingly, the FATF voted
unanimously to expunge Nigeria
from the list of jurisdictions.
“The FATF statement reads: “the
FATF welcomes Nigeria’s
significant progress in improving
its AML/CFT regime and notes
that Nigeria has established the
legal and regulatory framework to
meet its commitment in its Action
Plan regarding the strategic
deficiencies that the FATF had
identified in February, 2010.
Nigeria is therefore no longer
subject to FATF’s monitoring
process under its on-going global
AML/CFT compliance process”.
“The FATF statement added that
Nigeria will continue to address the
full range of AML/CFT issues
identified in its Mutual Evaluation
Report.
“It will be recalled that during the
recent on-site visit of the Regional
Review Group (RRG) for Africa and
the Middle East to Nigeria, the
review team held meetings with the
Minister of Finance, Attorney-
General of the Federation, Office of
the National Security Adviser and
senior members of government
departments, law enforcement
agencies, the judiciary and
regulatory authorities.
“The review team also noted
Nigeria’s political commitment to
continue to develop and strengthen
the AML/CFT framework as was very
clearly stated by the Ministers. The
RRG team further observed that the
government confirmed its resolve to
ensure that the relevant agencies
working on AML/CFT issues are
adequately empowered through
legal and financial resources to fulfill
their roles.
“Critically, the Attorney-General of
the Federation and Minister of
Justice and the Minister of Finance
also confirmed that the multi-agency
Presidential Committee on the FATF
(the chair of which has been the
primary point of contact with the
RRG throughout the ICRG process)
would continue in existence as the
national coordinating body for AML/
CFT policy and implementation
issues. It noted that all the
respective agencies had a clear
understanding of AML/CFT issues,
and were able to show the extent to
which procedures and resources
were geared towards tackling the
crime of money laundering and
financing of terrorism, including
through measures to ensure
national co-ordination.
“In the recent past, Nigeria has
received technical assistance from
the IMF to develop a risk-based
approach to AML/CFT supervision.
This has resulted in the development
of similar procedures across all
regulatory authorities as well as the
financial intelligence unit, namely
the Central Bank of Nigeria, the
Securities and Exchange
Commission, the National Insurance
Commission and the Nigerian
Financial Intelligence Unit. The
authorities are now engaging with
the World Bank to undertake a
national risk assessment to provide
a basis for further developing the
overall AML/CFT regime and
strategic framework. The Presidential
Committee is committed to
continuing the coordination of this
process.
“It will also be recalled that due to
the listing of Nigeria as a high-risk
jurisdiction by the FATF, many
financial institutions treaded
cautiously in transacting business
with their Nigerian counterparts.
However, following political
commitment by President Goodluck
Ebele Jonathan, particularly in the
past two years, Nigeria fast-tracked
its implementation of the mutually
agreed Action Plan.
“This commitment was underscored
when the President constituted a
Cabinet Committee headed by Vice
President Namadi Sambo to
accelerate the delisting of Nigeria
from the list of jurisdictions with
outstanding issues with the FATF as
they relate to Anti-Money
laundering/Counter Financing
Terrorism regimes.
“With today’s delisting, Nigeria and
Nigerian businesses are now free
from the repercussions of being
labeled a non-cooperating and high-
risk jurisdiction in the aspect of
money laundering and terrorists
financing. It is expected that there
will be great reduction in the costs
and time line of financial
transactions between individuals and
institutions between Nigeria and
other countries.
Besides the guarantee of improved
global rating for the country’s
financial system, the amended laws
and regulations will strengthen the
enforcement and regulatory
capacities of relevant institutions in
Nigeria.”
•Photo shows Stephen Oronsaye,
Chairman, Presidential Committee
on Financial Action Task Force.
Source News Express
Source: http://www.newsexpressngr.com/

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