CAC, NFIU partner to absolve Nigeria from grey list of financial action task force
The Corporate Affairs Commission (CAC) and the Nigeria Financial Intelligence Unit (NFIU) have pledged to reinvigorate their relationship to ensure that Nigeria exits the grey list of the Financial Action Task Force.
The Registrar-General and CEO of the CAC, Hussaini Ishaq Magaji gave the assurance when he received the Director/CEO of the NFIU, Hafsat Abubakar Bakari, on a courtesy visit to the Commission.
Hussaini Magaji approved the immediate set-up of a joint committee with the NFIU and a dedicated desk to handle all its matters.
The CAC boss added that the existing MOU between the two agencies will be reviewed for greater efficiency.
While urging the NFIU to ensure optimal utilisation of the Application Programming Interface (API) granted to it by the CAC, Ishaq Magaji used the forum to call for knowledge sharing and capacity building for the benefit of staff.
The NFIU made a presentation titled “Renewed Strategic Partnership between the Nigerian Financial Intelligence Unit (NFIU) and Corporate Affairs Commission (CAC) Enhancing Transparency, Integrity, Compliance, and Accountability in Nigeria’s Financial and Business Sectors.”
Earlier, the Director/CEO of the of the Nigerian Finance Intelligence Unit (NFIU), Hafsat Abubakar Bakari, acknowledged the strong relationship existing between the NFIU and the CAC towards strengthening the fight against money laundering, illicit financial flows, and other serious predicate offences in Nigeria.
Hafsat Abubakar therefore said that as an agency that relies on access to reliable and high-quality data, the NFIU was pleased with the strides made by the CAC in developing a world-class Beneficial Ownership Information Register.
She added that the BOI was critical to the NFIU and law enforcement agencies as they utilise it to trace and identify the beneficiaries of illicit proceeds.
She therefore called for greater collaboration to support the efforts of the Federal Government to ensure Nigeria exits the FATF grey list in the shortest possible time.
According to the NFIU boss, CAC’s role was critical, as two of the 15 items on its action plan fall squarely within the remit of the Commission.
