GIABA begins Nigeria’s anti-money laundering, CFT regime evaluation today
THE INTERGO VERNMENTAL ACTION GROUP against Money Laundering in West Africa (GIABA) will today, September 23, commence its evaluation of Nigeria’s compliance with the sub-regional anti-money laundering and CFT regime for the purposes of determining how safe and credible Nigeria is as a destination for financial transactions across the world.
Godwin Emefiele, the governor of the Central Bank of Nigeria (CBN), made this disclosure during the apex bank’s post-Monetary Policy Committee’s meeting media briefing in Abuja at the weekend.
The governor said that the assessment was important for the country as the result would determine how the global community would rate the nation’s financial system in terms of its transparency and credibility as a well-regulated and monitored environment for financial transactions globally.
Emefiele explained that some of the monetary policy measures introduced by the apex bank in the past few weeks were aimed at ensuring that Nigeria’s financial system’s operations and practices conform to global best practices, particularly in deepening financial inclusion rate and promoting cashless transactions.
The seasoned banker, who reeled out recent statistical data to proof that the National Financial Inclusion Strategy (NFIS) and the cashless policy regime were achieving the desired results and the need for consolidating the successes achieved so far, said the timing of some of the measures, especially the latest one that requires some category of customers to pay for cash deposits and withdrawals, said the timing of these measures was apposite in view of the GIABA’s visit to evaluate the nation’s anti-money laundering and CFT regime compliance rate.
He explained: “This is a strategic timing of these actions because on Monday, September 23rd, the evaluation of Nigeria by GIABA for the country’s anti-money laundering and CFT regime will begin. Having the modal evaluation position, Nigeria as a state has a safe and credible destination for financial transactions across the world.
“What does that mean? GIABA will be in Nigeria on 23rd of September to assess and evaluate the rate at which Nigeria has embraced anti-money laundering and CFT regime. It is important that we show to them that Nigeria is indeed in conformity with their practices as enshrined in their anti-money laundering and CFT laws.
“What does that also mean? If we don’t do what we are doing today, if they pass us negative, even your so called cards that you carry abroad you may not be able to use them. So, it is in our own national interest that we should be seen that we are working with global best practices”, Emefiele added.
According to him, contrary to the hues and cries in some quar- ters over the apex bank’s directive on payment of charges on certain amounts deposited or withdrawn by customers, a survey conducted by the bank showed that about 95 percent of transactions did not fall into the charges’ threshold.
He therefore advised customers to be bothered by the anxieties being created about the implemen- tation of the new monetary measures as the benefits far out-weigh its demerits for customers and the nation’s economy, if any, in the long run.