The Federal Government of Nigeria, in the bid to address the challenges of money laundry and terrorism financing, is set to join the global Financial Action Task Force (FATF) on money laundering and terrorist financing watchdog.
The Attorney-General of the Federation and Minister of Justice, Abubakar Malami, made this known as he virtually participated at the Extraordinary Ministerial Committee Meeting of the Intergovernmental Action Group Against Money Laundering in West Africa (GIABA).
The minister’s Special Assistant on Media and public relations, Dr. Umar Jibrilu Gwandu, in a statement, yesterday, said FATF monitors 39 member countries to ensure full and effective implementation of FATF standards, thereby holding nations that do not comply accountable.
Malami said: “Nigeria’s Financial Intelligence Unit has issued an Executive Alert to all Ministries, Departments and Agencies (MDAs) for the implementation of the Action Plan on Nigeria follow-up process.”
Malami further stated that for the purpose of 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 that Nigeria is ready with high-level commitment in addressing money laundering and terrorism financing, to have stable and peaceful nation.
“When the implementation process and follow-up evaluation on the MER is concluded, Nigeria further requests the support of GIABA to commence application for membership into FATF,” he said.
