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[AML-CFT] FATF Ends Monitoring of Nigeria

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  • Inonu Akgun ALP
    The Financial Action Task Force (FATF), last week, formally ended its monitoring of Nigeria over lingering suspicions that the country may still be a haven for
    Message 1 of 1 , Jul 1, 2007
      The Financial Action Task Force (FATF), last week, formally ended its monitoring of Nigeria over lingering suspicions that the country may still be a haven for money laundering and terrorist financing.

      A statement by Osita Nwajah, Head, Media & Publicity, Economic and financial Crimes Commission (EFCC), said the global anti-money laundering body meeting in Paris, France, noted the significant progress Nigeria has made over the last one year, including its recent admission into the Egmont Group (a worldwide network of Financial Intelligence Units) and decided to lift the cautionary red-flagging of the country.

      In a statement after its plenary meeting, FATF resolved that "Since one year has passed after de-listing, and no
      particular concerns raised since the delisting, the FATF has ended the monitoring of Nigeria."

      It would be recalled that the FATF suspended its four year-long blacklisting of Nigeria in June 2007 in appreciation of the strict enforcement of Anti-Money Laundering laws and the anti-corruption war championed by the EFCC.
      However, the body decided to closely monitor the situation in Nigeria. On Friday, 29 June 2007, they ended that watch, formally and fully welcoming Nigeria back into the comity of nations taking firm action against money laundering and terrorist financing.

      http://www.thisdayonline.com/nview.php?id=82420


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      Posted By Inonu Akgun ALP to AML-CFT at 7/01/2007 11:54:00 PM
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