By Ikechukwu Nnochiri

ABUJA—The Inter-Governmental Action Group Against Money Laundering in West Africa, GIABA, said, yesterday, it was in support of Federal Government’s bid to freeze all bank accounts without a Bank Verification Number, BVN.

BVN

GIABA, which is a specialised institution of the Economic Community of West African States, ECOWAS, responsible for facilitating the adoption and implementation of Anti-Money Laundering, AML, and Counter Financing of Terrorism, CFT, in West Africa, stressed that the Federal Government must go beyond its “recent strong measures” against account owners without BVN.

It noted that government had yet to comply with demand by the Egmont Group that the National Financial Intelligence Unit, NFIU, which is currently under the Economic and Financial Crimes Commission, EFCC, as well as other anti-graft institutions in the country, be fully independent.

Speaking at the opening ceremony of the GIABA 28th plenary in Abuja, Director General of the body, Col Adama Coulibaly, applauded effort by President Muhammadu Buhari’s administration to check illicit flow of looted funds within the sub-region.

In his address, the Director of NFIU, who is also Nigeria’s correspondent in GIABA, Mr. Francis Usani, said Nigeria now had a solution that will adequately address all legal issues raised by the Egmont group, which expelled the country from its fold due to alleged leakage of classified information on investigations involving financial crime.

Attorney-Gen

Similarly, the Attorney General of the Federation and Minister of Justice, Mr. Abubakar Malami (SAN), in his goodwill message, said Nigeria has continued to suffer devastating effects of money laundering, terrorist financing and the proliferation of small and light arms, as well as predicate offense such as corruption, fraud, tax evasion among others.

Dogara

While declaring the GIABA plenary session open, speaker of the House of Representatives, Yakubu Dogara, harped on the need for effective global collaboration to deal with the menace of terrorism, terrorists financing and money laundering.

He said Nigeria was fully committed to complying with the global standards required of it by demonstrating political support to the relevant competent authorities in the country so as to deepen anti-money laundering efforts and combat financing of terrorism culture in the country.

He promised: “The National Assembly will, when called upon for any legislative intervention to bring our system in tandem with global realities and requirements, do so with utmost sense of responsibility knowing the central role the issue of fighting money laundering and terrorist financing plays in the attainment of economic prosperity and global peace.”