The Special Control Unit against Money Laundering (SCUML) is engaging stakeholders in a crucial sector sensitization effort as Nigeria prepares for the forthcoming onsite visit by the Financial Action Task Force (FATF).
This strategic initiative aims to ensure that all relevant stakeholders are well-informed and equipped to meet the requirements and standards set by the FATF. The engagement is a key component of Nigeria’s efforts to strengthen its anti-money laundering and combating the financing of terrorism (AML/CFT) framework.
The stakeholder engagement has several objectives, including:
– Sensitizing stakeholders on the FATF’s requirements and standards
– Enhancing understanding of Nigeria’s AML/CFT framework
– Identifying areas for improvement and providing recommendations
– Fostering collaboration and cooperation among stakeholders
Importance of FATF Compliance
Compliance with FATF standards is crucial for Nigeria’s financial sector, as it helps to:
– Prevent money laundering and terrorist financing
– Enhance the country’s reputation and credibility
– Attract foreign investment and promote economic growth
– Protect the integrity of the financial system
By engaging stakeholders and strengthening its AML/CFT framework, Nigeria is taking proactive steps to demonstrate its commitment to FATF compliance and ensure a successful onsite visit.
The interactive session held on Thursday , May 29, 2025 at the EFCC Conference Hall, Awolowo Road, Ikoyi Lagos and centered on the role of the various sub-sectors in strengthening the compliance with the Money Laundering (Prevention and Prohibition) Act, 2022, and ensuring sector readiness for the FATF evaluation. In his remarks, the Director, SCUML, Deputy Commander of the EFCC, DCE Harry Eri, emphasized the critical gatekeeping responsibilities of the various professional bodies and the need for coordinated sensitization efforts to close compliance gaps. He also highlighted the importance of sanctions as a necessary and dissuasive tool to reinforce compliance and demonstrate effectiveness in Nigeria’s anti-money laundering and counter-terrorism financing regime. Participants reaffirmed their commitment to working with SCUML to promote transparency, enhance awareness, and support Nigeria’s goal of exiting the FATF grey list. In attendance were representatives from the Chartered Institute of Taxation of Nigeria , CITN, the Nigerian Institution of Estate Surveyors and Valuers, NIEVS, Lagos and Ogun State chapters; Institute of Chartered Accountant of Nigeria, ICAN, the Association of Corporate Trustees, and an NGO- Spaces for Change.
