Money laundering: NFIU to sanction financial institutions over non-compliance

Nigerian Financial Intelligence Unit, NFIU, has threatened to sanction financial institutions in the country, following their non-compliance with certain anti-money laundering provisions.

Speaking at a regional training for financial and regulatory institutions on the revised Financial Action Task Force recommendations, organised by the Inter-Governmental Action Group against Money Laundering in West Africa, GIABA, Juliet Ibekaku, Director, NFIU and GIABA National Correspondent of Nigeria, said it has received a number of reports from financial institutions in the country, and that the reports are not impressive.

According to Ibekaku, who was represented by Daniel Iseye of the Financial Institution Training Centre, FITC, this call for urgent improvement as the NFIU will not hesitate to recommend sanctions within the provisions of extant laws.

He noted that meting appropriate sanctions to defaulting institutions is the only way to ensure deterrence and to protect Nigeria’s financial system.

She emphasised the need for Nigeria’s financial system to be safeguarded from criminals, so as to attract the much needed foreign direct investments that will help grow the economy.