NIGERIA has scored a major point in its anti-money laundering battle.
The country has been withdrawn by the Council of Europe from the list of High-Risk Third Country with deficiencies in money laundering and terrorism financing controls, according to the Nigerian Financial Intelligence Unit (NFIU).
The agnecy will begin full operations in April.
Besides, the unit will soon release new reporting requirements on suspicious transactions for terrorism-prone areas.
The NFIU, which made these disclosures yesterday in a statement by its Acting Chief Media Analyst, Mr. Ahmed Dikko, said it would soon complete the beneficial ownership database for politically-exposed persons.
President Muhammadu Buhari, on July 11, 2018, signed the NFIU Bill into law in line with the requirements of Recommendation 29 of the Financial Action Task Force Standards and Article 14 of the United Nations Convention Against Corruption.
The new Act has separated the NFIU from the Economic and Financial Crimes Commission (EFCC).
Barely eight months after the presidential assent, the NFIU is set to issue guidelines that will affect cash transactions by local, state and federal governments as well as bureau de change.
The statement said: “The NFIU, through this statement, is informing its local reporting entities, international partners, counterpart financial intelligence units (FIUs), relevant competent authorities and the general public that the unit, created by the Federal Government recently, is now fully repositioned to commence full operations from April 1, 2019.
“The main focus of the NFIU will be to fight all crimes through money laundering, terrorism financing and proliferation of weapons real time analyses in the entire country.”
The statement added: “We are also using this medium to respond to enquiries about the current position of the EU’s recent listing of Nigeria as High Risk Third Country with deficiencies in money laundering and terrorism financing controls.
“The listing was officially withdrawn by the Council of Europe on 5th March 2019 while giving room for the European Commission and the European Parliament to align their positions. The Nigeria government engaged the E.U authorities through the Ministry of Foreign Affairs and the NFIU to reach an understanding.”
The new agency unfolded its plans, including new reporting requirements on suspicious transactions for terrorism-prone areas
It said: “Significant measures to be implemented by the NFIU in the near future will include full implementation of the national sanctions regime to all detected areas of vulnerabilities within our systems. Other areas include issuing guidelines, advisories etc. that will affect cash transactions processes of local, state, federal governments and bureau de change etc.
“The unit will also release new reporting requirements on suspicious transactions for terrorism-prone areas and on suspects taken into custody in violent and flashpoint communities to check vices of terrorism, proliferation of small arms, kidnapping, ethnic violence, cattle rustlings etc. with the view to providing credible intelligence for law enforcement and national security.
“Finally, efforts of the Federal Government to set up the beneficial ownership data base for politically exposed persons and public servants will be completed and expanded to capture additional necessary areas.
“The new process, which includes new approach to analysing compliance in public account expenditures, will almost shut down corruption from the way we used to know and new transparency methods will come to governance.
“We request all entities and individuals to cooperate with the new processes when they start unfolding because the measures are necessary to move the country forward.”
