NFIU, Others meet to Disrupt Financial Crimes
By Patience Ikpeme
Financial Intelligence Units (FIUs) operatives from across Africa are gathering in Abuja to refine strategies for utilizing suspension powers to combat illicit financial flows linked to serious crimes.
The workshop, organized by the Egmont Centre of FIU Excellence and Leadership, aims to empower FIUs to effectively employ suspension powers to disrupt financial flows associated with money laundering and terrorism financing.
Mrs. Hafsat Bakari, CEO of the Nigerian Financial Intelligence Unit (NFIU), highlighted the importance of suspension powers as a crucial tool in the fight against financial crime.
She noted that the NFIU’s success in utilizing these powers to freeze and return funds linked to fraud, particularly through business email compromise.
Lennaert Peek, a senior official at ECOFEL, stressed the significance of suspension powers for FIUs worldwide.
He noted that approximately 70% of FIUs globally possess such powers and that the workshop aims to share best practices and address challenges related to their effective use.
Mohammed Ahmed, Chief of Staff at the NFIU, spoke on the importance of tracking illicit funds and preventing their use for criminal activities. He called for enhanced collaboration among FIUs to disrupt financial flows and recover stolen assets.
By strengthening their capabilities and collaborating effectively, African FIUs can play a crucial role in safeguarding the financial system and protecting economies from the detrimental effects of financial crime.
