Nigerian Financial Intelligence Unit, Securities and Exchange Commission Join Forces to Boost Anti-Money Laundering Systems
Hafsat Bakari, the CEO of the Nigerian Financial Intelligence Unit (NFIU), emphasized the agency’s commitment to working alongside the Securities and Exchange Commission (SEC) to improve anti-money laundering (AML) and combating the financing of terrorism (CFT) systems.
Speaking at the 2024 Compliance Summit in Lagos, Bakari highlighted the significance of aligning with updated Financial Action Task Force (FATF) standards, particularly regarding virtual assets and virtual asset service providers (VASPs).
During the summit, Bakari’s representative, Mohammad Jiya, noted that recent Financial Action Task Force updates necessitate a robust regulatory framework in Nigeria to address challenges posed by emerging financial products and services.
Furthermore, She reiterated the organization’s dedication to collaborating with various stakeholders, including the Securities and Exchange Commission (SEC)and law enforcement agencies, to bolster the effectiveness of the nation’s anti-money laundering and combating the financing of terrorism (AML/CFT) systems.
The next mutual evaluation of Nigeria’s AML/CFT/CPE regime by FATF is scheduled for 2027, with a focus on virtual assets and cryptocurrency activities, given Nigeria’s notable position in the global cryptocurrency adoption index.
Bakari reiterated NFIU’s dedication to collaborating with various stakeholders, including the SEC and law enforcement agencies, to bolster the effectiveness of the nation’s AML/CFT systems. This collaboration is critical as the landscape of financial crime evolves.
The emergence of VASPs demands a reevaluation of regulatory strategies and the adoption of innovative, technology-driven approaches to combat financial crimes effectively. Ensuring that regulatory frameworks remain resilient and effective is essential for all parties involved in this ongoing fight against financial misconduct.
