In a significant move, Nigeria has urged the Action Group Against Money Laundering in West Africa ,GIABA, to establish a robust institutional framework for enforcing regulations combating financial crimes in the sub-region.
Mr. Lateef Fagbemi, the Attorney-General of the Federation and Minister of Justice, made this call during the inauguration of the 27th Meeting of the Ministerial Committee of GIABA in Abuja.
Fagbemi, who also chairs the GIABA Ministerial Committee, stressed the importance of member countries prioritizing their national systems on Anti-Money Laundering ,AML, and Combating Financing of Terrorism ,CFT. He asserted that such prioritization would propel countries to push their national institutions to perform at the highest level, contributing to progress in financial crime control.
Addressing the assembly, Fagbemi emphasized the collective commitment required to establish legislative, policy, and institutional frameworks. These, he noted, are essential for safeguarding the integrity of financial systems against threats like money laundering, terrorist financing, and proliferation financing.
“As we come to the close of the second round of mutual evaluations, I believe we need to take some time for introspection and an assessment of where we have fallen short. In particular, looking at the effectiveness of our AML/CFT/CPF frameworks, it is clear that across the region there is significant room for improvement,” said Fagbemi.
He called for a shift from merely focusing on technical compliance to adopting a results-based approach, requiring more efforts and resources than deployed thus far.
The attorney-general underscored the integral nature of the fight against money laundering, terrorist financing, and proliferation financing to the safety and security of nations. He emphasized that the Financial Action Task Force ,FATF, Standards are not punitive measures but tools ensuring safety, security, and prosperity.
The Minister of Interior, Dr. Olubunmi Tunji-Ojo, also spoke at the meeting, highlighting the importance of tackling money laundering and terrorism financing for the nation’s internal security. He emphasized the necessity of addressing the financing of organized crimes at the root.
In addition, the President of ECOWAS Commission, Dr. Omar Touray, represented by Mr. Mambury Njie, pledged support for GIABA’s efforts to consolidate gains. He urged member states to address strategic deficiencies in their AML/CFT systems, enhance coordination, and promote public-private partnerships.
The Director-General of GIABA, Mr. Edwin Harris, announced the official launch of the organization’s new website on Dec. 4, 2023, to provide detailed information and foster growth.
The FATF Vice-President, Mr. Jeremy Weil, commended Nigeria’s progress and acknowledged the political commitment to sustaining reforms. Weil stressed the critical need for member countries to address deficiencies through effective implementation of FATF standards.
The plenary meetings of GIABA are vital for ensuring member states’ compliance with AML/CFT standards, contributing to regional peace, security, prosperity, and integration in the ECOWAS region.
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