Regulatory Alerts2022-01-01
Added · Updated
National Inherent Risk Assessment of Money Laundering and Terrorist Financing in the Nigerian Extractive Sector
This report assesses money laundering, terrorist financing, and proliferation financing threats in Nigeria's oil, gas, and mining sectors, identifying corruption, tax evasion, illegal mining, and smuggling as key predicate crimes. It highlights vulnerabilities in downstream oil operations and the mining industry, noting that banks serve as the most vulnerable conduits for illicit proceeds. The findings are incorporated into the National Anti-Money Laundering/Counter Financing of Terrorism Strategy and Action Plan to guide mitigation measures.