18 September 2017

Nigeria: FATF Issues Fresh Warning On Nigeria's Egmont Group Suspension

The Financial Action Task Force (FATF) has reiterated the earlier threat of the Egmont Group of Financial Intelligence Units (FIUs) to suspend Nigeria from the group if it fails to meet its commitment.

A statement by the spokesman of the Attorney General of the Federation (AGF) and Minister for Justice, Abubakar Malami (SAN), Salihu Othman Isah yesterday said FATF's latest warning was due to the Federal Government's failure to implement the requirements of the Egmont Group, which could result in the suspension of its planned high level mission visit on November 20-21, 2017 to determine whether Nigeria has met the FATF standard.

The Egmont Group is a united body of 156 FIUs, which provides platform for the secure exchange of expertise and financial intelligence to combat money laundering and terrorist financing (ML/TF).

Isah said FATF President, Santiago Otamendi, had in a letter to the AGF expressed concern of Nigeria's repeated failure of its FIU which may still lead to its suspension.

He also stated that FATF secretariat in France through a dated 29 August 2017 titled, 'Suspension of Egmont Group membership status of the Nigerian Financial Intelligence Unit', also affirmed that the visit will provide FATF member nations the assurance that Nigeria is ready to undergo a successful mutual evaluation within three years.

Vice President Yemi Osinbajo had earlier constituted an ad hoc committee chaired by Senator Chukwuka Utazi, the Senate Committee on Anti-Corruption and Financial Crimes, to ensure the nation meets the requirements as demanded by Egmont Group and FATF. The committee has since submitted its report.

Nigeria

Intense Scheming at Former Ruling Party Convention

Intense scheming and horse trading marked yesterday's elective convention of the Peoples Democratic Party (PDP).Despite… Read more »

Copyright © 2017 Daily Trust. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 900 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.