Regulatory Alerts2024-06-24
Added · Updated
Risk Assessment of the Non-Profit Organisations Sector in Nigeria
The Economic and Financial Crimes Commission (EFCC) of Nigeria has issued a National Terrorist Financing Risk Assessment to identify non-profit organisations susceptible to funding abuse and realign regulatory supervision toward a risk-based approach. The report addresses prior Financial Action Task Force compliance deficiencies by mapping inherent vulnerabilities, terrorist threats, and operational typologies across all thirty-six states and the Federal Capital Territory through comprehensive stakeholder data. By establishing clear criteria for "at-risk" entities and recommending targeted oversight measures, the assessment mandates proportionate legal sanctions and continuous monitoring to strengthen Nigeria’s counter-terrorist financing framework.
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