The Nationwide Data Expertise Improvement Company (NITDA) has been mandated by President Bola Tinubu to steer the implementation of the Anti-Cash Laundering (AML), Combating the Financing of Terrorism (CFT) and Counter-Proliferation Financing (CPF) Information Administration Platform undertaking.
The undertaking is geared toward eradicating Nigeria from the Monetary Motion Activity Power (FATF) Gray Listing by 2025. Nigeria was included within the FATF Gray Listing in February 2023.
NITDA is anticipated to construct higher techniques to handle monetary information and compliance in Nigeria in collaboration with the Nigerian Monetary Intelligence Unit (NFIU).
Inaugural assembly on implementation
Talking in the course of the inaugural assembly for the undertaking implementation on Friday, Kashifu Inuwa, Director-Basic of NITDA, stated the undertaking would handle deficiencies recognized in Nigeria’s Mutual Analysis Report (MER).
Inuwa defined that FATF positioned Nigeria on the gray record due to seven points, which included the rising capital inflows, shortcomings in combating cash laundry, shortcomings and incapacity to fight arms financing.
“We had shortcomings in combating terrorism financing, anti-money laundering regime, counter-terrorism financing regime, deficiency in our counter-proliferation financing regime.
“The primary goal of constructing a greater system is to assist us with world compliance; to assist Nigeria place itself as a key participant within the world effort to fight monetary terrorism and different crimes.
“This may assist us to create visibility in Nigeria, in addition to enhance our world repute and relationship within the monetary market,” he stated.
Bettering nationwide safety
He stated the undertaking would additionally enhance nationwide safety with the capability to trace illicit monetary movement, disrupt prison networks within the monetary sector, strengthen legislation enforcement, and the financial system and encourage funding.
- Inuwa emphasised Tinubu’s dedication to combating corruption and monetary crime by means of innovation and expertise.
- Rep. Stanley Adedeji, Chairman, of the Home of Representatives Committee on ICT and Cyber safety, on the assembly, emphasised the worth of expertise, saying that Nigeria deserved to steer in cutting-edge applied sciences.
- Adedeji assured that the Nationwide Meeting would be sure that tasks as such gained the deserved funding.
“We’re going to ensure that the proper funding is put in place for this undertaking with none doubt.
“We’re additionally going to ensure that if there are any legal guidelines right this moment which might be going to impede or be a stumbling block to what this undertaking stands to realize; we have now to go and amend these legal guidelines.
“If there are issues that require govt orders in order that we are able to rapidly transfer ahead, we’ll do no matter must be achieved,” he stated.
Stakeholders’ collaboration
Additionally talking, Hajiya Hafsat Bakari, Director-Basic of NFIU, known as for extra collaboration amongst stakeholders to maintain the positive factors of exiting the gray record.
In line with Bakari, the gray record is not only a one-off undertaking, however a steady undertaking.
“The following cycle of analysis shall be achieved in 2027 and we are not looking for a scenario the place after exiting the gray record, we nonetheless discover ourselves within the subsequent analysis.
“This is the reason we have now determined that the usage of expertise will give credibility to each statistics that we have now, not simply to our home stakeholders, but additionally to our worldwide companions.
“Every part ought to be achieved in real-time–accessible, credible and factual; that’s the undertaking that we’re doing right this moment,” she stated.
What you need to know
On Feb. 24, 2023, Nigeria was positioned on the FATF Gray Listing. This was resulting from rising capital inflows and shortcomings in combating cash laundering, terrorism and arms financing.
- The FATF is an unbiased intergovernmental group that promotes insurance policies to guard the worldwide monetary system.
- The FATF locations international locations on the gray record to warn the monetary group that the nation isn’t doing sufficient to struggle monetary crime.
- The FATF additionally needs to encourage international locations to enhance their anti-money laundering (AML) and countering the financing of terrorism (CFT) regimes.
- Nations on the gray record have dedicated to fixing any points inside a set timeframe and are topic to elevated monitoring by the FATF. The FATF often updates the record based mostly on the international locations’ efficiency.
Be First to Comment