FG Seeks Partnership Against Money Laundering, Other Financial Crimes

The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), has raised concerns astir the expanding usage of existent estate, non-governmental organizations (NGOs), and luxury goods arsenic conduits for wealth laundering and different illicit fiscal activities successful Nigeria.

Speaking astatine a one-day roundtable connected the Public-Private Partnership (PPP) Framework for Combating Financial Crimes, Fagbemi noted that portion the authorities has strengthened anti-money laundering laws and policies, criminals are uncovering caller avenues to launder illicit funds, particularly done the spot market, charities, and nonrecreational services.

The AGF, represented by Chief State Counsel successful the Federal Ministry of Justice, Ms. Chika Nnanna, emphasized that the authorities would proceed its efforts to tackle illicit fiscal flows successful the country.

The lawsuit was organized by Pattison Consulting successful concern with the Nigerian Financial Intelligence Unit (NFIU) and the British High Commission.

“Criminal proceeds are being laundered done existent estate, luxury goods, and adjacent charities. These sectors, if near unchecked, could go harmless havens for illicit funds,” Fagbemi said.

He highlighted that accepted methods of combating fiscal crimes were nary longer capable and called for a coordinated public-private concern to code wealth laundering, coercion financing, and the proliferation of amerciable arms.

In a related development, Dr. Vincent Olatunji, National Commissioner of the Nigeria Data Protection Commission (NDPC), represented by Babatunde Bamigboye, pledged to collaborate with the NFIU and different stakeholders to safeguard idiosyncratic information portion enhancing quality sharing.

Felix Obiamalu, the General Counsel of the NFIU, clarified that the AGF’s remarks were not an indictment of the full existent property oregon NGO sector, but alternatively a telephone for stronger regulation.

Hafsat Abubakar Bakari, the CEO of the NFIU, stressed that Nigeria’s fiscal strategy remains nether planetary scrutiny, urging each stakeholders to fortify their collaboration to debar a instrumentality to the planetary Financial Action Task Force (FATF) grey list.