The
Head, Special Control Unit Against Money Laundering (SCUML), Angela
Nworgu has called on Civil Society Organizations to join hands with the
agency in tackling money laundering in the country.
She made the call on February 5, 2013 at the EFCC Academy, Karu, Abuja
while declaring open a one-day training programme on Anti- money
Laundering / Combating Financing of Terrorism for the civil society.
She
listed the adverse effects of money laundering to include reputational
damage, loss of foreign direct investment and distortions of economic
indices but noted that government had taken steps to check the menace
with the enactment of the Money laundering (prohibition) Act 2011 and
implementation of various AML/CFT initiatives in the country.
Nworgu
however regretted that the last evaluation of the Financial Action Task
Force ( FATF) on Nigeria identified a weak link between the DNFI’s (
Designated Non-Financial Institutions) and NGOs ( Non Governmental
Organizations ) in the Anti- money Laundering and combating financing of
Terrorism (AML/CFT) regime.
“This
of course does not speak well for our country, our economy, the DNFI’s
including you and indeed the regulators and law enforcement agencies
because the FATF assessment of the country and sectors within the
country is a major reference point for foreign investors and
international business prospectors,” she stressed’.
Nworgu
added that the effective implementation of AML/ CFT regime in the
country requires concerted effort of all stakeholders both in the public
and private sectors.
The Head SCUML who
said NGOs needed to be informed of their responsibility under the
AML/CFT regime warned that failure to adhere to these would attract
strict sanctions.
Also
speaking at the workshop, Mrs. Hadiza Gamawa who represented the Acting
Director, Nigerian Financial Intelligence Unit (NFIU), Mrs. Juliet
Ibekaku took the participants through the techniques for fight terrorism
financing and said most NGOs are considered vulnerable as funds often
come in from people with unknown sources of income.
Gamawa
noted the challenge of identifying terrorist financing fund but
expressed optimism that with training and retraining from the
regulators, people can identify the red flags in suspicious
transactions.
The training was a joint initiative of SCUML and the NFIU.
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