By Grace Udofia

ABUJA — Inter- Government Action Group against Money Laundering in West Africa, GIABA, yesterday, called on Nigeria and other West African countries to adopt a risk-based approach in dealing with money laundering and terrorist financing.

Speaking at the pre-assessment training workshop organised for AML/CFT stakeholders in Abuja, Director General of GIABA, Mr. Adama Coulibally, also advised the countries to adopt appropriate measures to mitigate identified risks with another important aspect of the revised recommendations which relates to the emphasis on effectiveness.

Adama, who was represented by the Director of Administration and Finance, GIABA, Mr. Babacar Ndiaya, explained that combating money laundering and the financing of terrorism and other related criminal activities was proving to be a challenge to governments around the world.

According to him, sophisticated methods are used to reintroduce the illegal proceeds of crimes into the formal economy as clean money, adding that these organised criminals avoid being caught by taking advantage of several vulnerabilities such as porous borders, ineffective judicial system and incapacities of law enforcements agencies to undertake transnational investigations and prosecutions.

In order to attain a high level of compliance, Adama said, “there is need for Nigeria to identify risks, develop policies with domestic coordination, have laws that criminalise money laundering and terrorist financing in accordance with relevant international conventions, enhance transparency and availability of beneficial ownership information of legal persons and arrangements and facilitate international cooperation among others.”

To this end, he announced GIABA’s plans to train major stakeholders in ministries, law enforcement agencies and other regulatory authorities on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT).

According to him, the pre-assessment training workshop is designed to help the national authorities of Nigeria to understand their roles in the mutual evaluation process inform and sensitize national stakeholders on the significance of the mutual evaluation.

Continuing, he said, the pre-assessment training will also provide stakeholders with technical guidance on how to complete the Technical Compliance Questionnaire, and on the process, procedures and expectations of the mutual evaluation on-site exercise.

Also speaking at the workshop Mr. Ibrahim Magu, Chairman Economic and Financial Crimes Commission, EFCC, who was represented by the Head of International Cooperation, EFCC, Mr. Modibbo Tukur, said that Nigeria is on the process that will allow them join the Financial Action Task Force, FATF, after the review and assessment process that will confirm if they have met the requirements.

He believes that Nigeria’s serious fight against money laundering and financing terrorism activities will allow her hit the benchmark to qualify for this adding that her economic strength will also be an added advantage to the country as Nigeria is the biggest economy in Africa presently.

He promised that EFCC will collaborate with all the agencies involved such as the Independent Corrupt Practices and other related offences commission, ICPC, the Police, Central Bank of Nigeria, CBN, intelligence institutions and others, adding that EFCC machinery are at their disposal, they can seek for their help any time.