There are strong indications that Nigeria may be blacklisted by international anti-money laundering watchdogs over its inability to track the source of funds of the dreaded Islamic sect, Boko Haram and curb terrorism financing in general.
Feelers from Financial Action Task Force (FATF), the global standard setter for measures to combat money laundering, terrorist and proliferation financing, indicated that despite the earlier warnings to Nigeria on its non-compliance level, the country was yet to take any concrete step to stem the rising spate of financial crimes including terrorism financing, money laundering and corruption.
In its recent report, FATF listed Nigeria among the countries that have not made significant progress in addressing the lacunas in their Anti-Money Laundering and Combating Terrorism Financing (AML/CFT) regimes. The agency advised the international financial community on the potential risks in the country.
Recent happenings, especially the activities of Boko Haram and startling revelations from various probes by the National Assembly, are putting Nigeria under global focus and scrutiny.
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