Abuja: The Federal Government has begun the implementation of the Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) Data Management Platform project. The initiative aims to remove Nigeria from the Financial Action Task Force (FATF) Grey List by 2025.
According to News Agency of Nigeria, Nigeria was placed on the FATF Grey List in February 2023. President Bola Tinubu has mandated the National Information Technology Development Agency (NITDA) to lead this implementation effort. NITDA is tasked with building better systems for financial data management and compliance, in collaboration with the Nigerian Financial Intelligence Unit (NFIU).
Malam Kashifu Inuwa, Director-General of NITDA, stated during the inaugural meeting for the project implementation that the project would address deficiencies identified in Nigeria’s Mutual Evaluation Report (MER). Inuwa highlighted that FATF listed Nigeria due to seven issues, including rising capital inflows and shortcomings in combating money laundering and arms financing.
Inuwa explained that the project’s main objective is to help Nigeria achieve global compliance and position itself as a key player in combating financial terrorism and other crimes. He emphasized that the project would enhance national security by tracking illicit financial flows, disrupting criminal networks in the financial sector, and strengthening law enforcement and the economy.
Rep. Stanley Adedeji, Chairman of the House of Representatives Committee on ICT and Cybersecurity, stressed the importance of technology and assured that the National Assembly would ensure proper funding for the project. He also mentioned that any legal impediments would be addressed to facilitate the project’s success.
Hajiya Hafsat Bakari, Director-General of NFIU, called for increased collaboration among stakeholders to sustain progress in exiting the grey list. Bakari emphasized the continuous nature of the project, noting that the next cycle of evaluation will occur in 2027. She highlighted the need for credible and real-time technology solutions to maintain the country’s standing with both domestic and international partners.