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Money laundering: Nigeria to join the Compliance List in 2013

By on November 23, 2012

The Director-General, Inter-Governmental Agency against Money Laundering in West Africa (GIABA), Dr Abdullahi Shehu, has revealed that Nigeria will no longer be on the list of countries that failed to implement various anti-money laundering laws by February 2013.

Shehu made this statement while speaking at the GIABA/Egmont Seminar on money laundering in Dakar, Senegal, yesterday,  he said the passage and amendment of the Money Laundering Act, by the National Assembly has brighten the chances of Nigeria exiting the non-compliance zone next year besides the Federal Government in recent times has taken various anti-money laundering measures.

Shehu said, “We wish to commend Nigeria for their tireless efforts so far at rectifying the deficiencies in Nigeria’s Anti-Money Laundering Law and Control of Financial Terrorism (AML/CFT) regime. We welcome in particular the passage into law by the National Assembly, of the Money Laundering and Terrorism Prevention Amendment Acts in October this year.

“With this development, we hope that at the next FATF Plenary in February 2013, Nigeria, like Ghana, would be taken off the list of non-compliant jurisdictions.”

He commended Ghana for making noteworthy progress in addressing the strategic deficiencies in that country’s AML/CFT regime, which led to the in the removal of Ghana from the FATF list of non-compliant countries to the compliance one.

He also revealed that the number of members of the Egmont Group is now five since Burkina Faso has attained membership of the Egmont Group of Financial Intelligence Unit (FIUs).

He noted that Nigeria, Senegal, Côte d’Ivoire, and Mali have joined the group after an appraisal of their anti-money laundering.

He said many Memoranda of Understanding as well as staff exchange programmes have taken place to reinforce the FIUs of members, adding that the body has been aiding member countries to build up and preserve anti-money laundering values.