Nigeria Is Taken Off FATF Blacklist Of Money Laundering Jurisdictions

Nigeria has been taken off the list of non cooperative countries and territories (NCCT) by the anti money laundering watchdog, the Financial Action Task Force (FATF). The FATF decision reflects the progress Nigeria has made in implementing anti money laundering

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Nigeria has been taken off the list of non-cooperative countries and territories (NCCT) by the anti-money laundering watchdog, the Financial Action Task Force (FATF).

The FATF decision reflects the progress Nigeria has made in implementing anti-money laundering reforms, including the establishment of a financial intelligence unit and progress on money laundering investigations, prosecutions and convictions, says a spokesman for Standard Bank of South Africa.

The spokesman adds that Nigeria has taken steps at the highest levels to fight corruption. The FATF will continue to monitor the situation in Nigeria over the next year.

“Nigeria is cooperating by adhering to the strict rules of the money laundering regime set by the organization as part of the international strategy to fight against money laundering,” says the Standard Bank spokesman. “The Ministry of Commerce through its Special Control Unit against Money Laundering has embarked on a programme to track down suspicious cash transactions and enforce compliance of laws already passed by the National Assembly. The Minister of Commerce disclosed that the Ministry has become increasingly vigorous in its anti money laundering activities, and is now focusing on sensitizing Designated Non Financial Institutions through a major seminar set for the end of August and early September.”

The Security Justice and Growth Programme of the British Council has provided technical assistance and training in the regulation and enforcement of anti money laundering laws in Nigeria.

The Nigerian Money Laundering (Prohibition) Act 2004 requires all designated non-financial institutions to register with the Federal Ministry of Commerce for regulation purposes so as to monitor their business transactions in relation to the fight against money laundering.

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