The Executive Chairman of Economic and Financial Crimes Commission, EFCC, Ola Olukoyede has charged stakeholders in the fight against money laundering to collaborate with the Commission to ensure the delisting of Nigeria from the Grey List of the Financial Action Task Force, FATF.
He stated this at a Two- Day Anti- Money Laundering, AML/ Combating Financing of Terrorism/ CFT/Countering Proliferation Financing\ CPF Workshop for the sensitization of Designated Non-Financial Businesses and Professions, DNFBPs, on their Compliance Obligation organised by the Special Control Unit Against Money Laundering, SCUML in conjunction with Rule of Law and Anti-Corruption Programme, RoLAC on July 3 & 4, 2025 in Benin City, Edo State.
The Chairman who spoke through Deputy Commander of the EFCC, DCE Pascal Samu, noted that the workshop was to create awareness on DNFBPs’ obligation on compliance with the country’s AML/CFT/ CPF regime in order to facilitate the delisting of Nigeria from FATF grey list. “Nigeria is currently on the grey list. This is one of the numerous programmes organised to enable us exit that list.”
In her welcome address, the representative of RoLAC, Patience Inyang, said the sensitization workshop was to increase accountability and transparency of anti- corruption system and reforms.
In his presentation, ‘Overview of Nigerian AML/CFT/CPF Regime & Compliance Obligations of DNFBPs, Superintendent of the EFCC, Joshua Mamza noted that DNFBPs are subject to specific regulatory requirements to help prevent money laundering and related activities. He stated that regulatory guidelines have been developed by relevant agencies to assist reporting entities in the implementation of the AML/CFT programme.
SCUML has DNFBPs regulations, the CBN has the AML/CFT guidelines for financial institutions while the Security and Exchange Commission has the AML/CFT Manuals for Capital Markets. He outlined the pillars of AML/CFT in Nigeria to include prevention approach, detection and enforcement approach. The preventive approach is primarily designed to deter or prevent criminals from perpetuating the crime of money laundering and its predicate offences while the detection and enforcement approach is designed to punish criminals who laundered or facilitated laundering of criminal proceeds.
On Guidelines for Conducting Risk Assessment and Application of KYC/CDD measures to prevent Money Laundering and Terrorist Financing for DNFBPs, Mamza noted that the process involved two crucial processes- Implement a Risk-Based Approach and Documentation and Review. He pointed out that DNFBPS must assess and categorise clients and transactions based on risk profiles, considering factors such as customers type, geographic location products/Services and delivery channel’s.
Samu highlighted suspicion transaction reporting process flow and the components of suspicion transaction monitoring. He emphasised that it was important to file suspicion transaction as it is mandated by law, punishable by penalties such as fine and prison sentences, protect the financial system from being abused by criminals and their associate, detect, disrupt and prevent the flow of illicit funds and allows regulators to establish emerging threats through analysis of patterns and trends. He concluded that it allows DNFBPs, the chief compliance and connected employees, the opportunity to understand and apply AML/CFT measures.
Ibrahim Boyi, Head, SCUML Benin Zonal Directorate in his presentation, Overview of AML/CFT/CPF International Standards said Nigeria subscribed to international treaties and convention against money laundering and terrorism financing and proliferation of weapons of mass destruction. “AML/CFT/CPF laws and regulations are adopted and domesticated as laws in the country. Nigeria subscribe to all these to show our high level political commitment”, he said.
