The Global South Dialogue on Economic Crimes Network (GSDEC), led by Dr. Joy Malala (University of Warwick) and Dr. Nkechikwu Azinge-Egbiri (Lancaster University), organized a stakeholder engagement and workshop in collaboration with the African Center for Governance, Asset Recovery, and Sustainable Development (the “African Center”).
The session, funded by the Economic and Social Research Council (ESRC) reviewed the status of the outstanding action plans developed to delist Nigeria from the Financial Action Task Force (FATF) grey list. The stakeholders’ discussion focused on the priority actions they would take to ensure Nigeria’s immediate removal from the greylist while emphasizing the shared responsibility in this crucial process.
The Nigerian Government was well-represented by officials from the relevant government agencies. The Chief Executive Officer (CEO) of the Nigeria Financial Intelligence Unit (NFIU), Hafsat Bakare and her Chief of Staff, Mohammed Ahmed, played a pivotal role in providing insights into Nigeria’s actions to expedite the delisting process. Senior officials from the Economic and Financial Crimes Commission (EFCC), the Nigerian Drug Law Enforcement Agency (NDLEA), the Federal Ministry of Justice (FMOJ), the Nigerian Police Force (NPF), National Judicial Institute (NJI), the National Insurance Commission (NAICOM), Securities & Exchange Commission (SEC), and Special Control Unit on Money Laundering (SCUML) were also actively involved in highlighting the challenges and opportunities for facilitating Nigeria’s delisting. Their presence and contributions underscored their dedication to the delisting process.
Nigeria, since its greylisting in 2023, has made significant strides. Following the outcome of the 2021 Mutual Evaluation and the subsequent action plans, the Government has demonstrated unwavering efforts in the enactment of laws and policies, leading to improved ratings in previously non-compliant areas. These include effectiveness measures related to the investigation and prosecution of money laundering cases, the maintenance of statistics, initiation of international cooperation, national coordination, and responses to inherent risks identified in the ML/FT sector.
As the interactive session ended, the stakeholders reiterated their unwavering commitment to working in close collaboration. Their shared goal is to address all outstanding issues in the joint ICRG action plan which includes strategic steps towards enhancing international cooperation in asset recovery and return and developing sustained training for all judicial/enforcement officers on AML/CFT investigation, prosecution, adjudication, and confiscation of stolen assets.
More information about GSDEC’s work is available at www.gsdec.network, Register to join the network at www.gsdec.network/register and follow GSDEC on X (formerly Twitter) at www.x.com/on_dialogue. More information on the African Center’s work can be found on our website: https://lnkd.in/dRGufXjF.