FG to Develop Strategy to Combat Money Laundering and Terrorist Financing

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ABUJA (Min of Interior Report) – In a bid to end financial crimes and other threats to internal security in Nigeria, the Federal Government has expressed its commitment to meeting the global standards for combating money laundering and terrorists financing, in the country.

The Minister of Interior, Ogbeni Rauf Aregbesola, disclosed this when the Director/Chief Executive Officer of the National Financial Intelligence Unit (NFIU), Mr. Modibbo Hamman Tukur, visited him in his office, Abuja recently.

He said that he would continue to provide the leadership required so that the necessary policy oversight was given to ensure that the Ministry, the Nigeria Immigration Service, and Nigeria Security and Civil Defense Corps, perform optimally, to meet their obligations as members of the Inter-Ministerial Committee on Anti-Money Laundering and Counter-Terrorism Financing.

He said, “I assure you of my commitment to ensuring that appropriate strategies are put in place to meet the global standards for combating Money Laundering and Terrorists Financing”.

The Minister added that terrorist financing was a major threat to internal security in the country and if curbed, the confidence of foreign investors would be boosted and it will also enhance socio-economic activities for the benefit of Nigerians.

Ogbeni Aregbesola, commended the National Financial Intelligence Unit, for its role as regards coordinating national legal, regulatory and operational frameworks for combating money laundering, terrorist financing, threats to the integrity of the international financial system and maintenance of internal security in Nigeria.

The Director/ Chief Executive Officer, National Financial Intelligence Unit, Mr. Moddibo Hamman Tukur, who spoke earlier, said his team was in the Ministry in recognition of its importance as one of the three key Ministries that have strategic roles to play in combating the challenges of money laundering, terrorism financing and proliferation of arms.

Hamman who also said that his team came to brief the Minister on the forthcoming mutual evaluation exercise by the Inter-Governmental Action Group Against Money Laundering in West Africa, identified other parties in this regard as the Federal Ministries of Finance, Budget & National Planning as well as Justice.

He further intimated Ogbeni Aregbesola on the proposed assessment of the Ministry and 34 other Federal Government Agencies by the global community under the auspices of Financial Action Task Force, billed for October, 2019.

The global task force is saddled with the responsibility of reviewing various countries of the world to see their compliance with their national legislation in the area of criminalization of crimes, money laundering and related crimes to ensuring that a particular country’s system is not threatening itself to undermine peace and development of the country and that of the global community.

Mohammed Manga
Director (Press & Public Relations)
For: Honourable Minister