EFCC seeks stronger partnership to curb terrorist financing, protect CSOs

Speaking at the 3rd Africa High-Level Civil Society Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) Conference in Abuja, EFCC Chairman, Mr Olanipekun Olukoyede, said effective implementation of the Financial Action Task Force (FATF) Recommendation 8 requires targeted, risk-based measures rather than blanket regulation of non-profit organisations.

According to him, Nigeria’s inter-agency collaboration involving the EFCC, SCUML, the Nigerian Financial Intelligence Unit (NFIU), the Office of the National Security Adviser, the Corporate Affairs Commission and civil society organisations enabled the country to conduct a comprehensive terrorist financing risk assessment of the non-profit sector.

She said sustained engagement between civil society and regulators had transformed what was once a contentious relationship into a collaborative partnership, leading to major reforms, including Nigeria’s standalone terrorist financing risk assessment for the non-profit sector and the removal of non-profit organisations from the list of reporting entities under the Money Laundering (Prevention and Prohibition) Act.