1st September, 2016
The inter-Governmental Action Group against Money Laundering and Terrorism Financing in West Africa(GIABA)on Thursday said Nigeria cannot afford to be blacklisted again by the Financial Action Task Force(FATF).
FATF is an inter-governmental global body founded in 1989 by the G-7, to develop policies aimed at combating money laundering and terrorism financing.
GIABA’s Representative in Nigeria, Mr Timothy Melaye, gave the advice in Lagos during an advocacy visit to the Lagos Office of the National Drug Law Enforcement Agency (NDLEA).
Melaye said that he was visiting NDLEA to sensitise the management of Agency on GIABA’s expectation of the organisation, ahead of the next 2017 Mutual Evaluation in Nigeria.
“We have come to realise that most people across West Africa launder proceeds from either corruption or drug-related issues.
“We do not want Nigeria to be again be blacklisted like she was blacklisted by FATF among other countries in 2012.
“Because of the consequences of a country being blacklisted, we are sensitising stakeholders on the need to be fully prepared in making Nigeria’s 2017 Mutual Evaluation Report very encouraging.
“We believe that the next round of evaluations is beyond technical compliance, but it is to look at the effectiveness of the systems in place,” he said.
Melaye, who urged the NDLEA Chairman to be committed to the course removing Nigeria from another FATF’s blacklist, also said that such commitment should be backed with specific budget allocations.
He also restated GIABA’s commitment to working with NDLEA in the area of advocacy, as well as the involvement of its personnel in different capacity building programmes in West Africa and other countries.
NDLEA’s Director of Assets and Financial Investigation, Victoria Egbase, who expressed her organisation’s commitment to its mandate, enjoined GIABA to always include NDLEA in its capacity building programmes.
Egbase also said that it was imperative for NDLEA to be adequately funded for effectiveness in the discharge of its duties both locally and internationally.
She also frowned at the attitude of most Hotels in Nigeria, who do not have authentic bio-data of Nigerians and foreigners patronising them.
According to her, there is drug involvement in money laundering and terrorism financing.