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Knowing the agencies of government in charge of money laundering

In Nigeria, there is significant concern about the rise of money laundering just as in almost every country in the world, today. It has a long history with new techniques and modes evolving over the years with its aim being the same.

Money Laundering is a process by which criminals attempt to hide or disguise the true origin and ownership of their ill-gotten wealth to make it look legitimate. This is done by disguising the sources of the money, changing its form, or moving the funds to a place where they are less likely to attract attention.

In the money laundering framework, NGOs are considered ‘subjects at risk’, either as fronts for terrorist organizations that raise and transfer funds, or as legitimate enterprises that indirectly support the aims of terrorist organizations. In this case, serve as conduit for money laundering and sponsorship of criminal activities.

The government in a bid to clampdown on money laundering, established different policies and also joined various international bodies aimed at combating money laundering within Knowing the agencies of government in charge of money laundering. the international system, state and civil society.

Globally, the Financial Action Task Force (FATF) is an independent intergovernmental body that develops and promotes policies to protect the global financial system against money laundering, terrorist financing and the financing of proliferation of weapons of mass destruction. The FATF Recommendations are recognized as the global anti-money laundering (AML) and counter-terrorist financing (CFT) standard.

On the regional level, the InterGovernmental Action Group against Money Laundering in West Africa (GIABA) was established by the Economic Community of West African States (ECOWAS) Authority of Heads of State and Government in the year 2000. GIABA is a specialized institution of ECOWAS that is responsible for strengthening the capacity of member states towards the prevention and control of money laundering and terrorist financing in the region.

Nationally, the Nigeria Financial Intelligence Unit (NFIU) serves as the country’s central agency for the collection, analysis and dissemination of information regarding money laundering and the financing of terrorism.

The Special Control Unit against Money Laundering (SCUML), was established as a specialized unit of the Federal Ministry of Commerce and Industry now the Federal Ministry of Trade and Investment; and has the mandate to Monitor, supervise and regulate the activities of all Designated Non-Financial Institutions (DNFIs) in Nigeria in consonance with the country’s Anti Money Laundering and Combating of the Financing of Terrorism (AML/CFT) regime.

It works hand in hand with the Economic and Financial Crimes Commission (EFCC) in the battle against money laundering within NGOs and other organizations.



Published with the support of OSIWA


This newsletter is published as part of the civic engagement on the Financial Action Task Force evaluation on Nigeria project supported by OSIWA. All opinions expressed are that of the authors and does not reflect that of OSIWA or NNNGO or any other organization(s) mentioned.

About CE-FATF-ENG: CE-FATF-ENG stands for civic engagement on the Financial Action Task Force evaluation on Nigeria. This newsletter is part of the CE-FATF_ENG project implemented by NNNGO with the support of Open Society Initiative for West Africa (OSIWA).


Further information: E: nnnngo@nnngo.org | T: 0802 857 3849 | F: @nnngo T: @nnngo

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March 27, 2017



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