Nigeria To Join Global Terrorism Financing Watchdog

Nigeria has indicated interest to join membership of the global Financial Action Task Force (FATF) as part of efforts to address the challenges of money laundering and terrorism financing facing the country.

The country indicated this during a virtual Extraordinary Ministerial Committee Meeting of the Intergovernmental Action Group Against Money Laundering in West Africa (GIABA) on Saturday.

The Attorney-General of the Federation and Minister of Justice, Abubakar Malami, indicated the country’s interest to the inter-governmental body while participating in the meeting.

The FATF monitors 39 member countries to ensure full and effective implementation of FATF Standards and hold nations that do not comply accountable.

Malami’s spokesperson, Umar Jibrilu Gwandu, said in a statement that the Nigerian Financial Intelligence Unit has alerted all Ministries, Departments and Agencies (MDA) on implementation of the standards.

The Minister appreciated FATF, GIABA and Member States of GIABA for reviewing and adopting the just concluded 2nd Mutual Evaluation Report (MER) of Nigeria.

Malami stated that the purpose of the subsequent high rating of the technical compliance and effective for the Country on follow up review, MDAs have been directed to constitute an internal Technical Committee to review the report and work out modalities for implementation.

He assured the member States that Nigeria is willing and ready with high level commitment in addressing money laundering and terrorism financing in order to have stable and peaceful nation.

He added that when the implementation process and follow up evaluation on the MER is concluded, Nigeria will further request the support of GIABA to commence the application for membership into FATF.