How we can Cut Terrorism Financing in Nigeria – NFIU Boss
The Director/CEO of the Nigeria Financial Intelligence Unit (NFIU), Hafsat Abubakar Bakari, has said the only way to end insecurity in the country and other parts of Africa is to demobilise terror groups by cutting off their sources of funding.
Speaking at the workshop on the Investigation and Prosecution of Terrorism Financing Cases organised by Inter- Governmental Action Group Against Money Laundering in West Africa (GIABA) in collaboration with the United Nations Office on Drugs and Crime (UNODC), she said disrupting the financial channels terrorists use is crucial to weakening their ability to function.
“Nigeria has faced an acute threat of terrorism for over a decade, particularly from groups such as Boko Haram, the Islamic State West Africa Province (ISWAP) and other amorphous groups. These extremist organisations have destabilized communities, wasted innocent lives, and are a continuing threat to national security. Without funds and finances that enable their activities, terrorists and terrorist organisations would not be able to carry out the dastardly acts they do. Funds, supplies and other material assistance are therefore central to terrorists’ ability to operate.
“At the NFIU, we recognise that to successfully disrupt terrorist activities and ultimately dismantle terrorist organizations, efforts must be geared towards not only apprehending the individuals who commit acts of terror, but also to tracing and cutting off the funds that fuel their activities. Financial investigations are pivotal to this process. By analyzing patterns of transactions, identifying suspicious activities, and tracing funds across borders, we can uncover the sponsors and facilitators of terrorism.
“However, financial investigations are complex. Terrorism evolves and typologies are constantly shifting. To keep track and disrupt them, it requires specialized skills, deep and effective collaboration between agencies, and effective coordination with international partners. This workshop provides a unique opportunity for analysts, investigators, and prosecutors to enhance their knowledge and improve their techniques in tracing licit and illicit funds that are channeled to financing terrorism and building strong cases against the financiers of terrorism,” she said.
To be able to tackle the complexities of financial crime therefore, she said capacity building for state actors who are designing strategies and who are on the field detecting and fighting the crime is key.
“Capacity building is one of the cornerstones of the National AML/CFT/CPF Financing Strategy (2023-2027) in tackling terrorism financing. Officers such as you the participants in this room today play a vital role in identifying and investigating these cases. Your ability to detect unusual financial patterns, analyze suspicious transactions, and build strong prosecutorial cases is paramount. The NFIU is committed to collaborating with partners to ensure that capacities of officers within the AML/CFT/CPF ecosystem, are upscaled in countering terrorism financing through financial investigations and other necessary skills and tools. This is why we have taken steps to launch the NFIU Training Centre which is intended to be a regional centre of excellence for AML and CFT,” she added.
Also speaking, the Chief Executive Officer of GIABA, Mr Edwin Harris Jr, spoke on the need for deliberate international collaboration to be able to stem the tide of money laundering and terrorism financing.
He added that nations must encourage citizens especially those working in the banks to report transactions that carry the red flags of terror, and also freeze and confiscate assets and resources that are linked to terrorism.
