Nigerian House of Representatives Pledges Strict Regulations Against Money Laundering and Terrorism Financing

The Nigerian House of Representatives Committee on Financial Crimes stated they would design strict regulations to protect the country’s economy from money laundering, terrorist financing, and other forms of financial crime. 

The Financial Crimes Committee has pledged that money laundering and sponsoring mass weaponization will become an economic threat of the past. The committee stated at the National House meeting on financial crimes that they would take serious steps against the money launderers and utilize robust technology to combat economic-related crimes. They will design strict legislative frameworks that will protect the country’s financial sector and safeguard the integrity of the global economy. The chairman of the committee and lawmaker representative of Isiala Ngwa South/North Federal Constituency, along with a former member of Abia State’s House Assembly, Ginger Obinna, has to save the Nigerian financial sector from money laundering and terrorist financing. 

 The lawmaker representatives stated, “Your dedication to our shared cause, your tireless efforts in the pursuit of justice, and your resilience in the face of complex challenges which, include financial crimes and criminalities, illicit financial flow, money laundry, terrorism financing, advance fee fraud, and cybercrimes, are some of the menaces that are bedevilling our nation today. All hands must be put on deck to fight this corruption monster.” The declared members should develop AML derivatives that comply with international standards. These steps will enhance the collaboration between Nigeran’s law enforcement agencies and regulatory authorities during the investigation of financial crimes. In addition, the derivatives should be regularly reviewed and updated to ensure they remain compliant with the latest regulations. This will also help to prevent money laundering and terrorist financing, and the checks will be adequately monitored to ensure they are being used properly.

He also stresses the essential need for collaboration between the regulation authorities and law enforcement agencies to safeguard the country’s financial system. The lawmaker stated, “As we move forward in our mission, I have full confidence that our combined efforts will continue to make a profound impact on our society. Together, we will ensure that those who engage in financial crimes and criminalities are held accountable and brought to justice.”

Suggested Reads: 

NIGERIA REMAINS ON FATF GREY LIST DUE TO COMPLIANCE FAILURES

NIGERIA EMPLOYS NEW BOR INITIATIVE TO BE REMOVED FROM FATF’S GREY LIST

NIGERIAN-OWNED TECH FIRM, FLUTTERWAVE, CLOSES 45 BANK ACCOUNTS DUE TO MONEY LAUNDERING