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Task Force Commends FG's Efforts to Curb Financial Crimes From Josephine Lohor in Abuja Efforts of the Obasanjo administration to curb financial crimes and money laundering have been commended by the International Financial Action Task Force (FATF). In a letter dated July 2 and addressed to President Olusegun Obasanjo, the President of the FATF, Mr. Claes Norgen, congratulated him on the "substantial progress" Nigeria has made in this regard since 2001. He also said the June/July 2004 FATF plenary had approved a revised progress report on Nigeria. "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 (FATF)," Norgen noted. The Head of the FATF informed Obasanjo that on the basis of this progress, Nigeria could now move to the next phase of what would culminate in its removal from the FATF list of Non-Cooperative Countries and Territories. The next phase in the de-listing procedure is the elaboration of an implementation plan for Nigeria's recently enacted laws against money laundering and financial crimes, followed by visits of officials of the FATF for an on-the-spot assessment of the implementation of these laws by relevant government agencies. An Inter-Agency Committee headed by the Principal Secretary to the President, Mr. Steve Oronsaye, has been coordinating efforts to ensure that Nigeria is speedily removed from the FATF's list of non-cooperative countries. The committee's major achievements thus far include the enactment of the Money Laundering (Prohibition) Act 2004 and the Economic and Financial Crimes Commission (Establishment) Act, the adoption of which were essential to Nigeria's de-listing by the FATF. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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