By Providence Ayanfeoluwa

Stakeholders involved in assisting the Non-Profit Organisations, NPOs sector have doubled efforts geared towards ensuring they are not exploited by criminals for terrorist financing.

Meanwhile, Spaces for Change, S4C brought together stakeholders such as: Economic and Financial Crimes Commission, EFCC; Central Bank of Nigeria, CBN; Corporate Affairs Commission, CAC; Intergovernmental Action Group Against Money Laundering & Terrorism Financing in West Africa (GIABA), among other to further improve on the implementation anti-money laundering, requirements applicable to Non-Profit entities by Banks and Other Financial Institutions, BOFIs.

Speaking at a workshop organized by S4C in partnership with Special Control Unit Against Money Laundering, SCUML and Greenacre, a UK-based firm, the stakeholders said that activities of terrorism financing and money laundering have negative consequences for countries

In her welcome address, Managing Director S4C, Victoria Ibezim-Ohaeri, said that studies carried out established how well-intentioned norms and standards built on countering terrorism and defeating national security can sometimes generate unintended consequences, especially for NPOs.

Ibezim-Ohaeri said it would be proper to envision a future where collaboration between banks and NPs was not just a necessity but a cornerstone for shared success.

She “Our goal is clear and open to ensure that the vital works of non-profits are not just preserved but also thrive. Let us do what is right for our NPOs and financial institutions for the countless lives that depend on the essential services that they provide, together we can turn the tide, and usher in an era of mutual respect and shared understanding and collective prosperity.”

In his keynote, former Director of Evaluation and Compliance, GIABA, Dr. Buno Nduka, described the NPO sector as unique, providing innumerable services to millions of people.

He explained that despite NPOs services, the sector has been targeted to be misused to raise and move funds, provide logistical support, and other forms of support to terrorist organizations and their operations.

There is an international practice through Financial Action Task Force, FATE that prescribes measures NPOs and countries should operate

“The international standard is known as Recommendation 8, R8 which means that NPOs should be assessed to know the type of NPOs that are at risk of being misused for terrorism financing. Every country is supposed to undertake a risk assessment, Nigeria has taken steps and Identified 10 NPOs that can’t be classified as NPOs at risk of terrorism financing, and based on that, countries are supposed to take a risk-based approach in terms of monitoring.”

Also, Director and Senior Consultant, Greenacre Group UK, Mr. Ben Evans, said that some NPOs may be exposed to potential terrorism financing risks, which is why measures must be taken to address risks where they exist.

He advised Nigerian stakeholders to come together and speak with one voice with an understanding of each others’ legitimate interests. “Try to find a common solution which would reduce terrorism financing risk, but do it in a way that enables NPOs to continue.”