NFIU MOBILISES PRIVATE SECTOR TO TACKLE FINANCIAL CRIME
By:Safiya Abdulrahim Dabban
The Nigerian Financial Intelligence Unit, NFIU, has mobilised private-sector stakeholders to strengthen financial intelligence sharing and combat illicit financial activities in the country.
The initiative was discussed at a high-level engagement organised by the NFIU with support from the British High Commission and the Convention for Business Integrity, CBi.
The meeting focused on the proposed Joint Financial Intelligence Collaboration, JFIC, which is expected to improve cooperation between government agencies and private institutions in detecting and disrupting financial crimes.
The NFIU Chief Executive Officer, Hafsat Bakari, represented by the Unit’s General Counsel, Felix Obiamalu, said the initiative had moved from discussions to the design and implementation stage.
Representatives of the British High Commission and CBi stressed the need for stronger cooperation between the public and private sectors to tackle illicit financial flows.
Former Chairman of the Egmont Group, Xolisile Khanyile, urged Nigeria to adopt a practical and phased approach to implementing the proposed framework.
She said trust, shared responsibility and collaboration were critical to building an effective system for combating financial crime.
Stakeholders at the meeting expressed support for the proposed collaboration, stressing that government and industry must work together to identify financial risks early and strengthen the country’s response to increasingly sophisticated financial crimes.