The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has called for stronger collaboration among government agencies, financial institutions and other stakeholders to tackle money laundering and terrorism financing in Nigeria.
Olukoyede warned that illicit financial activities remain a major threat to national security, economic growth and investor confidence, stressing that no single agency can win the battle alone.
Speaking at a stakeholders’ engagement on Nigeria’s Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework, the EFCC boss urged reporting entities, regulators, law enforcement agencies and designated non-financial businesses to strengthen intelligence sharing and fully comply with existing regulations.
“The fight against money laundering and terrorism financing is a shared responsibility. Every stakeholder has a critical role to play in ensuring that Nigeria’s financial system is not exploited for criminal activities,” he said
Olukoyede said every institution covered by the AML/CFT framework must strengthen internal controls, promote transparency and promptly report suspicious financial transactions to prevent criminals from abusing the country’s financial system.
He also advocated continuous training, improved intelligence gathering and the deployment of modern technology to identify and block emerging money laundering and terrorism financing risks.
According to him, a stronger anti-money laundering regime will boost national security, attract more investments, improve Nigeria’s international reputation and reinforce compliance with global financial standards.
The EFCC chairman reaffirmed the commission’s commitment to working closely with regulators, financial institutions, law enforcement agencies and international partners to ensure strict compliance with anti-money laundering laws.
He expressed confidence that sustained cooperation and accountability would significantly reduce illicit financial flows and deny criminals safe haven within Nigeria’s financial system.
