Nigeria Urges Global Collaboration to Combat Financial Crimes
By Patience Ikpeme
Nigeria has raised the alarm over the escalating threat posed by financial crimes that not only jeopardize the nation’s economic integrity but also endanger global security.
Hafsat Abubakar Bakari, Chief Executive Officer of the National Financial Intelligence Unit (NFIU) made this known at NFIU-LSEG PPP Forum in Lagos on Thursday.
She outlined the complex and interconnected nature of illicit activities, which have been identified as facilitating the spread of weapons and other destabilizing goods across the region.
As financial crimes continue to proliferate, authorities stressed that no single organization, whether public or private, possesses the capacity to tackle these challenges in isolation.
The NFIU’s message was that it is only through robust cooperation can stakeholders hope to dismantle the intricate networks that perpetuate financial wrongdoing.
Bakari noted the international dimension of these threats and pointed to the gaps in oversight, regulation, and enforcement that financial criminals exploit.
According to her, these crimes networks thrive on a lack of coordination and information sharing among key players in the fight against financial crimes, thereby hindering efforts to combat these pervasive threats effectively.
To address this, the NFIU boss advocated for the establishment of Financial Information Sharing Partnerships (FISPs), which serves as a structured platform for pooling resources, intelligence, and technology. These partnerships can enhance collaboration not only between public authorities and private entities but also within the private sector itself, creating a united front against financial crime at all levels.
A notable success cited in the NFIU CEO’s statement was the ongoing effort to combat wildlife crimes, increasingly recognized as a significant predicate offense for money laundering. By collaborating with banks, law enforcement, and prosecutorial authorities, Nigeria has made substantial progress in disrupting wildlife trafficking networks that finance and benefit from broader criminal enterprises undermining biodiversity.
The ramifications of tackling wildlife crimes extend beyond environmental concerns; the very networks and routes exploited for illegal wildlife trade often facilitate the trafficking of weapons, drugs, and the financing of terrorism. By integrating wildlife crime into current Public-Private Partnership (PPP) initiatives, Nigeria aims to leverage lessons learned for broader applications across other sectors.
The statement also spotlighted the impactful role of international partnerships, such as the collaboration with United for Wildlife, which has launched a West Africa Chapter and established an Illicit Wildlife Trade Charter signed by both NFIU and the Independent Corrupt Practices and Other Related Offences Commission (ICPC).
Additionally, the experience garnered from South Africa’s Anti-Money Laundering Integrated Task Force (SAMLIT) in combating illegal wildlife trafficking has proven invaluable.
As Nigeria fortifies its national Anti-Money Laundering, Counter Financing of Terrorism, and Proliferation Financing (AML/CFT/CPF) framework with the aim of exiting the Financial Action Task Force’s (FATF) grey list next year, the emphasis on PPPs is expected to grow.
The NFIU recognizes that financial and designated non-financial sector gatekeepers are often the first to detect emerging trends in financial crime, making it paramount that a coordinated approach is prioritized in the national AML/CFT/CPF Strategy.
