Nigeria knows fate on corruption, terrorism financing assessment

COME next month, Nigeria will know if it has been completely left off the hook of countries reeling under corruption and terrorism financing, through money laundering by the global anti-money laundering and terrorism financing body— the Financial Action Task Force (FATF), according to Chairman of the Presidential Committee on FATF in Nigeria, Stephen Oronsaye.
  Nigeria’s fate, he explained, was dependent on the report of the FATF’s Regional Review Group on Africa and the Middle East which was in the country last week and undertook an on site assessment of Nigeria’s to ascertain three thematic factors—that the technical aspects of the five-point action plan, which was mutually agreed between Nigeria and the FATF had been completed; ensure that there remained political commitment to the reform process and finally to be satisfied that there’s institutional capacity and commitment to implement the reforms over the medium to long term.
  The FATF is an independent inter-governmental body that develops and promotes policies to protect the global financial system against money laundering and terrorist financing.
  Recommendations issued by the FATF define criminal justice and regulatory measures that should be implemented to counter this problem.   
  These recommendations also include international co-operation and preventive measures to be taken by financial institutions and others such as casinos, real estate dealers, lawyers and accountants. The FATF recommendations are recognised as the global Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT) standard.
  Oransaye, who revealed the development recently at a ceremony on Nigeria’s National Risk Assessment workshop facilitated by the World Bank in Abuja, expressed hope that Nigeria will get a positive assessment and eventually exit the list of countries under the watch of FATF.
  He said: “ As we are all aware, Nigeria has been under FATF targeted review process since 2009. This was due to the fact that strategic deficiencies in Nigeria’s AML/CFT regime wee not addressed as observed during the 2007 mutual evaluation of the country. Consequently, the Presidential Committee has remained engaged with the FATF to address these deficiencies in order to exit the targeted review process.
  “Significant progress has been achieved in this regard culminating in the on site visit of the FAFT’s Regional Review Group on Africa and the Middle East, which was in Nigeria last week.
  “Based on the outcome of series of interactions with stakeholders during the visit, I am optimistic that Nigeria will be exiting the public statement when the report of the team is submitted to the FAFT plenary next month, “ Oransaye further said.
  Speaking on the Nigeria’s risk assessment, the former Head of the Federal Civil Service explained that that referred to countries specific or unique risks which once properly understood countries could apply apply anti-money laundry laws / CFT measures that correspond to the level of risk.
  “It is essentially to stress that the risk-based approach directs implementation focus on high risks for maximum impact, thereby ensuring optimal utilisation of limited resources,” Oransanye added.