Fidelity bank banner Bayelsa State banner
Fresh breath for Nigerian businesses as country exits global money laundering and terrorists financing watch list

By News Express on 19/10/2013

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 2,896


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

Posted 19/10/2013 2:47:01 PM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

 

You may also like...
N19.2bn Fraud: Ex-Gov. Sylva’s trial adjourned till June...

Unmasking endometriosis, the much misunderstood ‘invisible disease’ that...

Military captures 50 fleeing Boko Haram fighters

Scores feared dead, houses razed as gunmen attack...

LASU gets new Vice-Chancellor

Mothers Day: Obi’s wife raises alarm at high...

Obama announces US delegation leader to Buhari’s Presidential...

Joe Igbokwe lashes Adoration Catholic Priest, Rev. Fr....

Presidency reacts to Mubi massacre, says no cause...

Nigerian jumps to death in Johannesburg to evade...

Jamaica to appeal IOC decision on gold

Abia Guber: Tribunal adjourns pre-trial of APGA candidate’s...

 

Latest News Obasanjo, Saraki meet behind closed doors We will declare seats of Saraki, Melaye, Misau, others vacant – Akpabio Bus carrying 37 NYSC members crashes in Ogun FG given one week to release all detained Biafra activists National Assembly won’t reconvene on Tuesday — Spokesman Suspected ritualist nabbed with 3 human skulls in Ibadan ASUU wants immediate review of LAUTECH tuition fees Court adjourns suit challenging Executive Order 6 till August 30 N21b, PVCs not found in Lawal Daura’s houses: DSS 2019: Okowa, Markafi make case for the best presidential candidate Buhari, Osinbajo in good stead to win 2019 election – Presidency Prove your claims, Ortom challenges Oshiomhole

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (376,225 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (365,789 views) Shameless Genevieve Nnaji exposes breasts in public (295,413 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (241,276 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (221,837 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (216,733 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (192,008 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (174,186 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (159,320 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (157,712 views) Lagos plane crash: Journalist releases victims’ names (152,238 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (142,688 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (56) Business & Economy (3,444) Business Verdict (48) Columnists (907) Complaints & Requests (95) Enterprise & Opportunities (207) Entertainment (526) Features (630) Global Business Monitor (293) International (2,262) Interview (161) Live Commentary (28) Love Matters (133) News (37,978) Opinion (1,056) Pidgin (11) Politics (6,020) Religion (814) Sports (1,643) Stock Watch (33) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Liverpool Destroying West Ham 4-0 - Highlights

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement