Regulatory Alerts2019-08-01
Nigeria Mutual Evaluation Report on Anti-Money Laundering and Combating the Financing of Terrorism
The Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) issued this 2008 mutual evaluation report to assess and strengthen Nigeria’s anti-money laundering and combating the financing of terrorism (AML/CFT) framework. The assessment mandates enhanced compliance with the FATF’s Forty Recommendations and Nine Special Recommendations by strengthening criminalization, financial intelligence unit powers, customer due diligence, and supervisory oversight across financial institutions and designated non-financial businesses. By implementing the recommended action plan, Nigerian authorities must improve legal person transparency, non-profit organization regulation, and cross-border cooperation to effectively mitigate money laundering and terrorist financing risks.