FG Calls for Synergy, Partnership in Fighting Financial Crimes

The Federal Government has called for synergy among agencies and departments as well as Public Private Partnership (PPP) in combating money laundering, illicit flows and other financial crimes.

Speaking at a roundtable discussion on PPP in Abuja, the CEO of NFIU, Hajiya Hafsat Abubakar Bakari, said no one organisation, public or private, has the capacity to confront the challenges posed by white collar crimes in isolation.

The event was organised by NFIU in collaboration with the London Stock Exchange Group (LSEG) to discuss PPP as a platform to support Anti-money laundering, Combating the financing of terrorism and countering proliferation financing (AML/CFT/CPF).

She added that this strategic collaboration will enable stakeholders align their efforts, share actionable insights, and develop tactics to counter financial crimes at all levels.

“Public-private partnerships provide a structured and effective platform for the pooling of resources, intelligence, and technologies. They enable stakeholders to align their efforts, share actionable insights, and develop strategies to counter financial crimes at all levels. Financial crimes are rarely confined to national borders. By working with international partners like the LSEG, Nigeria can enhance its participation in global initiatives against financial crimes, aligning with organisations such as FATF and GIABA.

“A prime example of a successful PPP in Nigeria is the Bank Verification Number (BVN) initiative. This partnership between the Central Bank of Nigeria (CBN) and commercial banks has been transformative in combating financial crimes.

“While the BVN implementation has had tremendous value for our law enforcement and supervisory authorities, I believe we should not rest on our oars. We must continuously seek new innovative approaches, for instance, through shared KYC systems, financial intelligence sharing partnerships and joint analytical teams, all of which have been used extensively in other jurisdictions.

“Financial crime is everyone’s business. It is possible to create a sustainable system that not only prevents future crimes but also enhances our efforts to protect the country’s future by ensuring the resources are used for its progress and establishing an enabling environment for investments in the country. Public-private partnerships provide one of the routes in achieving that objective, and the NFIU-LSEG Risk Intelligence partnership demonstrates how such partnerships can be game-changers,” she said.

Also speaking at the event, the Minister of Interior, Olubunmi Tunji-Ojo, said Nigeria is a mixed economy between public and private sectors, adding that to fully realise the country’s potential, collaboration between all agencies and stakeholders is needed to stop financial crime and its recent manifestations.