The Attorney General of the Federation and Minister of Justice, Abubakar Malami SAN, said that Nigeria has expressed interest in joining the global Financial Action Task Force (FATF), which monitors money laundering and terrorism financing.
According to Malami, the move was made in an effort to combat money laundering and terrorism financing.
The AGF stated this while electronically participating in the Intergovernmental Action Group Against Money Laundering in West Africa’s emergency ministerial committee meeting (GIABA).
The FATF monitors 39 member countries to ensure that FATF Standards are effectively implemented and that non-compliant governments are held accountable.
According to Malami, Nigeria’s Financial Intelligence Unit (FIU) has issued an Executive Alert to all Ministries, Departments, and Agencies (MDA) for the implementation of the Nigeria Action Plan follow-up procedure.
The Minister thanked FATF, GIABA, and GIABA Member States for examining and adopting Nigeria’s recently completed 2nd Mutual Evaluation Report (MER).
According to Malami, MDAs have been asked to form an internal Technical Committee to study the report and work out methods for implementation as a result of the subsequent high rating of technical compliance and effectiveness for the country on follow-up review.
He informed the member states that Nigeria is willing and ready to combat money laundering and terrorism financing with a high level of commitment in order to maintain a stable and peaceful society.
According to a statement by Dr. Umar Gwandu, the AGF’s media aide, once the implementation process and follow-up review on the MER are completed, Nigeria will request the backing of GIABA to begin the application for FATF membership.