Regulatory Alerts2023-07-27
Added · Updated
National AML/CFT/CPF Financing Strategy 2023–2027
This strategy establishes the national framework for combating money laundering, terrorist financing, and proliferation financing from 2023 to 2027, driven by deficiencies identified in the 2021 Mutual Evaluation Report and FATF grey-listing requirements. It mandates the implementation of three strategic objectives: establishing strong preventive barriers, enhancing detection effectiveness, and ensuring dissuasive consequences, supported by updated risk assessments for inherent and residual threats. The document outlines specific legislative and regulatory obligations for supervised entities, including deposit money banks, virtual asset service providers, designated non-financial businesses, and non-profit organizations, under the oversight of regulators such as the Central Bank of Nigeria, SEC, and SCUML. It also defines the coordination roles of the Inter-Ministerial Committee and the National Sanctions Committee to ensure compliance with international standards and remedial action plans.