Nigerian Financial Intelligence Unit (NFIU) CEO, Hafsat Bakari, emphasized that emerging technologies like cryptocurrency are complicating efforts to combat financial fraud. Speaking at a summit with law enforcement agencies in Abuja, Bakari noted the NFIU received over 60,000 suspicious transaction reports and more than 15 million currency transaction reports in 2023.
The NFIU’s role, Bakari explained, involves analyzing financial reports to identify underlying criminal offenses, without investigating, arresting or prosecuting. She highlighted the dynamic nature of modern crime, often transnational and fueled by money.
The NFIU is also strengthening its technology platforms, deploying Artificial Intelligence and Machine Learning tools to tackle illicit financial flows.
