Nigeria and other countries in the West African sub-region are performing poorly in the implementation of anti-money laundering measures recommended by the Financial Action Task Force (FATF).
The FATF was set up in 1989 as a global effort to combat money laundering and terrorism financing. Its anti- money laundering/counter terrorism financing (AML/CTF) framework has 40 recommendations on preventive measures that financial institutions and Designated Non-Financial Businesses and Professions (DNFBPs) are required to take to combat the crime.
Speaking in Lagos last week at an international conference on Customer Due Diligence organised by Committee of Chief Compliance Officers of Bank in Nigeria (CCCOBIN), Director-General, Inter-Governmental Action Group against Money Laundering in West Africa (GIABA), Dr Abdullahi Shehu disclosed that countries in the West Africa sub-region are performing poorly in the implementation of these measures.
Detailed news link: here