Fidelity bank banner UBA 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: 2,992


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...
Arrested Benue militia group’s alleged Spiritual Adviser killed...

Amnesty: Obi frees 13 convicts, commutes death sentence...

1pct Primary Healthcare Fund in 2018 budget will...

Revealed: Names of massacred, shot and injured pro-Biafra...

Imo PDP and the challenge of loyalty, By...

Fuel scarcity bites harder across the states

ExxonMobil Chief Engineer dies in blast

NNPC denies hiding $470.5m, N8bn in commercial banks...

New NIA DG and the competence question, By...

New PDP warms up to receive 5 new...

Too busy to make love, man approves of...

Umahi declared best police-friendly governor

 

Latest News Ekweremadu to dump PDP? Traditional ruler, wife abducted in Kaduna Herdsmen vow to sack Governor Ortom in 2019 Igbo leaders worried as Nnamdi Kanu reappears in Israel N4.65bn ONSA fund: EFCC moves Fayose to Lagos Kidnapped Africa’s youngest billionaire regains freedom INEC adamant: No late submission of candidates’ lists MASSOB, BIM declare war on APGA over Bianca Ojukwu Anambra Police Command sensitises students on dangers of engaging in social vices Suspended NHIS boss dares Governing Council, stays put in office My detractors must apologise to Imo APC, says Gov Okorocha UNILORIN invents bullet-proof gadget

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (407,778 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (382,991 views) Shameless Genevieve Nnaji exposes breasts in public (315,308 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (258,123 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (237,873 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (224,639 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (204,434 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (185,867 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (170,641 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (166,078 views) Lagos plane crash: Journalist releases victims’ names (161,740 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (149,498 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (69) Business & Economy (3,697) Business Verdict (52) Columnists (948) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (559) Features (660) Global Business Monitor (304) International (2,550) Interview (165) Live Commentary (28) Love Matters (145) News (39,763) Opinion (1,125) Pidgin (13) Politics (7,310) Religion (881) Sports (1,733) Stock Watch (35) AMA & Al Jazeera Global Update

 

NLNG Prize for Literature 2018

Zenith Zero Balance

CBN banner

Firstmobile banner

 

 

 

NEWS EXPRESS TV

LIBYA vs NIGERIA 2-3 Goals Highlights

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement