Nigeria has urged the Action Group Against Money Laundering in West Africa (GIABA) to establish an institutional framework to enforce financial crime legislation in the subregion.
The call was made by the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), during the inauguration of the 27th Meeting of the Ministerial Committee of GIABA in Abuja.
Fagbemi, who serves as the Chairman of the GIABA Ministerial Committee, emphasized the need for member nations to prioritize the implementation of national anti-money laundering and counterterrorism financing systems. He highlighted the importance of demanding optimal performance from national institutions to make progress in the fight against financial crimes.
“Our collective commitment to putting in place legislative policy and institutional frameworks is necessary to protect the integrity of our financial systems from threats of money laundering, terrorist, and proliferation financing,” he stated.
Reflecting on the need for introspection and assessment of the shortcomings as the second round of mutual evaluations comes to a close, Fagbemi pointed out significant room for improvement in the AML/CFT/CPF frameworks across the region.
He emphasized the critical nature of combating money laundering, financing of terrorism, and financing of nuclear proliferation to the safety and security of African countries. Fagbemi stressed that the Financial Action Task Force (FATF) Standards are crucial instruments for ensuring safety, security, and prosperity, not punitive measures, in nations, regions, continents, and the international community.
