The Attorney General of the Federation (AGF) and Minister of Justice, Lateef Fagbemi has assured that Nigeria will do all within its capacity to support the renewed efforts of West African states to address the challenges of money laundering, terrorist financing and arm proliferation.
Fagbemi said it has become extremely imperative that all members of the Economic Community of West African States (ECOWAS) recommit themselves to the fight against organised crimes to ensure sustained peace, economic and political developments in the sub-region.
The AGF spoke in Abuja at the opening of the 27th Meeting of Ministerial Committee of the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA).
“”Let me use this opportunity to reiterate our collective commitment to ensuring our countries put in place all the legislative, policy and institutional frameworks necessary to protect the integrity of our financial systems from the threats of money laundering, terrorist and proliferation financing.
“However, I also believe we need to take some time for introspection and an assessment of where we have fallen short. In particular, looking at the effectiveness of our AML/CFT/CPF frameworks, it is clear that across the region there is significant room for improvement.”
The AGF who spoke positively about Nigeria:s progress in the efforts to curbing organised crimes, said the country will not relent.
‘The experience of Nigeria and indeed other countries in our region demonstrate the value of participating fully and unequivocally to the implementation of the recommended actions, which the mutual evaluation identifies
He urged representatives of ECOWAS states at the meeting to recommit themselves “to becoming champions for truly effective national Anti-Money Laundering/Counter-Terrorism Financing and Proliferation (AML/CFT/CPF) systems; to become leaders who push our national institutions to perform to the highest of their capabilities; to recognize that the FATF Standards are not punitive measures, but tools to help us assure the safety, security and prosperity of our countries, our region, our continent and indeed the global community.
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“As we begin preparations for the next round of mutual evaluations, our goal must be to greatly strengthen the results and outcomes being achieved by our regulatory, supervisory, law enforcement and prosecutorial authorities. We must ensure that we go beyond just focusing on technical compliance, to a results-based approach.
“We must be clear that this will require much more efforts and resources than we have deployed so far.
“The integral nature of the fight against money laundering, terrorist financing and proliferation financing to the safety and security of our nations cannot be over-emphasized.”
The Director General of GIABA, Edwin Harris Jr assured that his organisation
will continue to carry out its mandate ensuring that the economies of the sub-region remain safe from all forms of unlawful activities that impede economic growth and adversely impact national and region at arity and peace
Harris Jr, who was elated that GIABA effectively exited the Effectiveness Improvement Programme imposed by the Financial Action Task Force (FATF), warned that “if our region needs peace, stability and economic activities that spur out jobs and investment that time is now.”
He said by next year, GIABA will step up its advocacy to member States on strengthening/creating the Mechanism for Asset Recovery.
The GIABA boss noted that “taking the profit from crime through freezing, seizure, and confiscation of the proceed of crimes remain one valuable tool that can be used in making crimes non profitable.”
The President of the ECOWAS Commission, Dr. Omar Touray urged political leaders in the sub-region to redouble their efforts in the fight against organised crimes.
Touray tasked the Judiciary to give priority attention to case of money laundering, terrorist financing and related organised crimes.
He added: “Our collective actions to detect, deter, and disrupt ML/TF and other organized crimes depend upon having in place dynamic, practical, effective AML/CFT&P regime.
“I therefore use this opportunity to call on member states to continue to take practical steps to effectively address the strategic deficiencies identified in their AML/CFT systems.
“At the same time, the Judiciary should be more responsive in the adjudication of cases money laundering, terrorism and terrorist financing to deprive criminals of the proceeds of their me, recover stolen assets, and dismantle criminal enterprises.
In addition, member states should deepen their risk understanding, strengthen domestic coordination and international cooperation and promote public-private partnerships. In all, strong political will and commitments are critical.” Touray said.






