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(ICNL) FATF RECOMMENDATION-8 PROJECT

(ICNL) FATF RECOMMENDATION-8 PROJECT

The evaluation of the anti-money laundering (AML) and combating the financing of terrorism (CFT) regime of the Federal Republic of Nigeria was based on the Forty Recommendations 2003 and the Nine Special Recommendations on Terrorist Financing, 2001 of the Financial Action Task Force, and was prepared using the AML/CFT Methodology, 20041. The evaluation was based on the laws, regulations and other materials supplied by the Federal Republic of Nigeria, and information obtained by the evaluation team during its onsite visit to Nigeria from 24 September to 5 October, 2007, and subsequently. During the onsite, the evaluation team met with the officials and representatives of all relevant Nigerian government agencies and the private sector. A list of the bodies met is set out in Annex 1 to the mutual evaluation report.

 

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The Federal Republic of Nigeria occupies a landmass of about 923,768 km2 within the Western part of Africa. It borders the Republics of Benin in the West, Chad and Cameroon in the East, Niger in the North while in the South it has a coast line on the Gulf of Guinea. Nigeria has a population estimate of 187 million (est. 2015) with an annual growth rate of more than 3%. The Country is described as the economic “power house” of West Africa contributing nearly 50% of the regional GDP. Nigerian National Bureau of Statistics (NBS) estimated the country’s real GDP to be N67,152,785.84 billion ($223, 842.62 billion2) with a corresponding growth rate of 6.22% in 2014 and N69,144,855.84 billion ($230,482.85 billion) with corresponding growth rate of 2.79% in 20153. Major contributing sectors to the GDP are Agriculture, Solid Mineral, Entertainment and others. Notwithstanding the current economic recession faced by the country, the International Monetary Fund (IMF) in its recent publication (October, 2016), affirmed Nigeria as the largest economy in Africa ahead of South Africa and Egypt4.

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The National Risk Assessment Report is a country level assessment to identify, understand and assess the risk of money laundering and terrorist financing in a country. Nigeria conducted its first Money Laundering and Terrorist Financing (ML/TF) Risk Assessment in 2015 and a Published Report in 2016 which covered the NPOs and other Designated Non-Financial Institutions (DNFIs), the overall vulnerability of nonprofits was rated high as a result of ineffective regulations and inability to trace transaction records.

 

The assessment was in response to recommendation 1 of the Financial Action Task Force (FATF) 40 recommendations which, requires all countries to identify, assess and understand the money laundering and terrorist financing risks elements prevalent in their jurisdictions for the development of efficient measures to combat the crime and efficient allocation of scarce resources

 

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