FATF issues fresh warning on Nigeria’s Egmont Group suspension

The Financial Action Task Force (FATF) has reiterated the earlier threat of the Egmont Group of Financial Intelligence Units (FIUs) to suspend Nigeria from the group if it fails to meet its commitment.

A statement by the spokesman of the Attorney General of the Federation (AGF) and Minister for Justice, Abubakar Malami (SAN), Salihu Othman Isah yesterday said FATF’s latest warning was due to the Federal Government’s failure to implement the requirements of the Egmont Group, which could result in the suspension of its planned high level mission visit on November 20-21, 2017 to determine whether Nigeria has met the FATF standard.

The Egmont Group is a united body of 156 FIUs, which provides platform for the secure exchange of expertise and financial intelligence to combat money laundering and terrorist financing (ML/ TF).

Isah said FATF President, Santiago Otamendi, had in a letter to the AGF expressed concern of Nigeria’s repeated failure of its FIU which may still lead to its suspension.

He also stated that FATF secretariat in France through a dated 29 August 2017 titled, ‘Suspension of Egmont Group membership status of the Nigerian Financial Intelligence Unit’, also affirmed that the visit will provide FATF member nations the assurance that Nigeria is ready to undergo a successful mutual evaluation within three years.

Vice President Yemi Osinbajo had earlier constituted an ad hoc committee chaired by Senator Chukwuka Utazi, the Senate Committee on Anti-Corruption and Financial Crimes, to ensure the nation meets the requirements as demanded by Egmont Group and FATF. The committee has since submitted its report.