The Financial Action Task Force (FATF) has invited Nigeria to participate in its decision-making processes.
A press statement by Nigerian Financial Intelligence Unit (NFIU) strategic communications office, Monday in Abuja, said the invitation from the President of the FATF, Elisa de Anda Madrazo, was addressed to the Director/CEO of the NFIU, Hafsat Abubakar Bakari, would allow Nigeria to participate in the FATF Style Regional Bodies (FSRB) jurisdictions guest initiative for one year.
“Although the rules of the global standard setting body for Anti Money Laundering (AML) and Counter Financing of Terrorism (CFT) does not allow guests or other observers to participate in its decision-making processes, Nigeria will have the opportunity to contribute its view as well as those of the wider region during the discussions of the FATF under its own flag.
“Nigeria had hitherto attended the FATF meetings as a part of the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) delegation.
The FSRB jurisdictions guest initiative is part of efforts by the incumbent Mexican President of the FATF to broaden the diversity of views and perspective that contribute to setting international standards from AML/CFT.
“Guest members will also have the opportunity to broaden their understanding of the FATF’s processes and procedures and enable them to act as champions for global efforts to protect the integrity of international financial systems,” the statement read in part.
According to the strategic communications office, “The CEO of the NFIU welcomed the recognition by the FATF of the strong role Nigeria is playing to ensure effective implementation of AML/CFT standards across the region.
She said: “The positive reforms of Nigeria’s AML/CFT framework are a vital part of the administration’s efforts to boost economic growth and development and this invitation by the FATF is a signal that we are on the right track and will reinforce our commitment to ensuring these standards are fully entrenched not just in Nigeria but across the wider region.”