On Monday, May 6, Nigeria took a step further to polish its anti-money laundering reputation before the global community when the Nigeria Financial Intelligence Unit issued ‘Guidelines to Reduce Vulnerabilities Created by Cash Withdrawals from LG Funds throughout Nigeria’.
The unit is also required to perform onsite and off-site examination of financial institutions, enhance compliance with the legal and regulatory regimes on Anti-Money Laundering and Combating the Financing of Terrorism in Nigeria as well as respond to the global trends by collaborating with other FIUs worldwide.In line with these responsibilities, the NFIU issued the ‘Guidelines to Reduce Vulnerabilities Created by Cash Withdrawals from LG Funds throughout Nigeria’.
In 2001, following terrorist attacks on the World Trade Centre in the U.S on September 11, 2001, the scope of FATF was expanded to include terrorism financing. Countries on this list, commonly referred to as FATF Blacklist, are called Non-Cooperative Countries or Territories .Like in several countries, efforts to checkmate money laundering in Nigeria have been largely influenced by the activities of the FATF.According to the FATF June 2002 report, which gave a damning assessment of Nigeria anti-money laundering measures, “Nigeria demonstrated an obvious unwillingness or inability to co-operate with the FATF in the review of its system.
The implication of this blacklisting is reflected in the FATF warning to member countries. “The FATF calls on its members to update their advisories requesting that their financial institutions give special attention to businesses and transactions with persons, including companies and financial institutions, in those countries or territories identified in the report as being non-cooperative”, the group said.
“However, despite Nigeria’s high-level political commitment to work with the FATF and GIABA to address its strategic AML/CFT deficiencies, further engagement with Nigeria is needed to clarify whether these deficiencies have been addressed. This decision was, however, rescinded, and the membership of NFIU restored the following year, specifically September 2018, after the Group, “concluded that legislative changes in Nigeria addressed the issues that led to its suspension in 2017.”
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