{"id":56871,"date":"2024-11-24T18:18:35","date_gmt":"2024-11-24T18:18:35","guid":{"rendered":"https:\/\/abujacityjournal.com\/livenews\/?p=56871"},"modified":"2024-11-24T18:18:35","modified_gmt":"2024-11-24T18:18:35","slug":"nigeria-makes-strides-in-combating-terrorism-financing-money-laundering","status":"publish","type":"post","link":"https:\/\/abujacityjournal.com\/livenews\/2024\/11\/24\/nigeria-makes-strides-in-combating-terrorism-financing-money-laundering\/","title":{"rendered":"Nigeria Makes Strides in Combating Terrorism Financing, Money Laundering"},"content":{"rendered":"<p><em><strong>By Faith Adama<\/strong><\/em><\/p>\n<p>Nigeria has taken a significant leap in the global fight against money laundering and terrorism financing, securing an upgraded compliance status from the Group Against Money Laundering in West Africa (GIABA).<\/p>\n<p>During a meeting in Freetown, Sierra Leone, GIABA commended Nigeria for addressing key technical deficiencies in its anti-money laundering (AML) and counter-financing of terrorism (CFT) frameworks.<\/p>\n<p>This achievement follows Nigeria&#8217;s removal from the Financial Action Task Force (FATF) grey list in 2023, where it had been placed due to concerns over rising capital inflows and weak regulatory safeguards.<\/p>\n<p>The Nigerian Financial Intelligence Unit (NFIU) confirmed that the country has now achieved a &#8220;Compliant&#8221; or &#8220;Largely Compliant&#8221; status in 37 out of FATF&#8217;s 40 recommendations, marking a sharp improvement from its previous partially compliant rating.<\/p>\n<p>Additionally, five critical recommendations have been successfully upgraded, solidifying Nigeria&#8217;s commitment to international financial transparency standards.<\/p>\n<p>Observers have hailed these advancements as a testament to Nigeria\u2019s resolve to combat illicit financial flows, strengthen regulatory oversight, and ensure robust financial security.<\/p>\n<p>The NFIU attributed this progress to the collaboration of GIABA member states and international partners, underscoring that the reforms will enhance Nigeria\u2019s capacity to address terrorism financing, money laundering, and related crimes effectively.<\/p>\n<p>This development represents a turning point in Nigeria\u2019s global standing and highlights its dedication to fostering a secure and transparent financial system.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Faith Adama Nigeria has taken a significant leap in the global fight against money laundering and terrorism financing, securing an upgraded compliance status from the Group Against Money Laundering in West Africa (GIABA). During a meeting in Freetown, Sierra Leone, GIABA commended Nigeria for addressing key technical deficiencies in its anti-money laundering (AML) and [&hellip;]<\/p>\n","protected":false},"author":29,"featured_media":56872,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[182],"tags":[1671,1669,59,1670,1597],"class_list":["post-56871","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-defence-and-security","tag-aml","tag-fatf","tag-featured","tag-giaba","tag-nfiu"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/56871","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/29"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=56871"}],"version-history":[{"count":1,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/56871\/revisions"}],"predecessor-version":[{"id":56873,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/56871\/revisions\/56873"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/56872"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=56871"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=56871"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=56871"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}