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Money laundering FATF to lift sanctions on Nigeria
Money laundering FATF to lift sanctions
on Nigeria
LERE OJEDOKUN,
Abuja
ENCOURAGED
by the Federal Government’s war against financial and economic crimes, the
International Financial Action Task Force (FATF) has indicated its willingness
to lift sanctions imposed on the country in the wake of high economic crimes few
years ago.
The body, backed by the United Nations,
has written President Olusegun Obasanjo commending him for curbing financial
crimes.
The FATF had in a June 2001 report on the
nation’s involvement in money laundering and related offences, listed Nigeria as
among non-cooperative countries and territories.
Consequently, banks and financial
institutions in Nigeria were denied due recognition in international credit
guarantee deals while investors were often doubtful of business proposal from
Nigerians.
However, FATF has written President
Obasanjo commending him for enacting the Money Laundering (Prohibition) Act 2004
and Economic and Financial Crimes Commission (Establishment) Act. They are part
of measures to secure reprieve for the country.
President of FATF, Mr Claes Norgren in the
letter dated July 2 this year, acknowledged that "substantial progress" had been
made in curbing economic and financial crimes, particularly advance fee fraud,
popularly called 419.
To this end, he said the June/July 2004
FATF plenary had approved a revised progress report on the country.
"I am writing to congratulate you on the
substantial progress that Nigeria has recently made in reforming its
counter-money laundering regime and in responding to the deficiencies identified
in the June 2001 report of the Financial Action Task Force," he stated.
Mr. Norgren informed President Obasanjo
that based on the progress report, the country could now move to the next phase
of the process that would culminate in Nigeria’s removal from FATF’s list of
non-compliant countries.
He further stated that the next phase in
the de-listing procedure would be the elaboration of an implementation plan for
the money laundering and financial crimes law enacted by the government.
This would be followed by visits of FATF
officials to the country for an on-the-spot assessment of the implementation of
these laws by the relevant government agencies.
Currently, an Inter-Agency Committee is
coordinating efforts to ensure speedy removal of Nigeria from the list of
countries who have not cooperated with the international body on the war against
financial crimes.
The committee is headed by the Principal Secretary to the
President, Mr. Steve Oronsaye.
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