Nigeria Strengthens Anti-Illicit Finance Measures Through Enhanced CAC-NFIU Collaboration

The Corporate Affairs Commission (CAC) and the Nigeria Financial Intelligence Unit (NFIU) have reaffirmed their commitment to combating illicit financial activities. This collaborative effort aims to expedite Nigeria’s removal from the Financial Action Task Force’s (FATF) grey list.

During a recent courtesy visit by NFIU Director/CEO Hafsat Bakari to the CAC, Registrar-General/CEO Ishaq Magaji pledged to strengthen the two agencies’ partnership. This includes the immediate establishment of a joint committee and a dedicated desk at the CAC to handle NFIU-related matters.

Mr. Magaji emphasized the importance of optimal utilization of the Application Programming Interface (API) granted by the CAC to the NFIU. He also proposed knowledge-sharing and capacity-building initiatives to enhance staff expertise. Additionally, a review of the existing Memorandum of Understanding (MOU) between the CAC and NFIU was proposed to ensure greater efficiency in their collaboration.

Ms. Bakari acknowledged the existing strong ties between the NFIU and the CAC in tackling money laundering, illicit financial flows, and other serious offenses. She commended the CAC’s development of a “world-class Beneficial Ownership Information Register,” highlighting its critical role in assisting the NFIU and law enforcement agencies to trace and identify beneficiaries of illicit funds.

Ms. Bakari emphasized the urgency of enhanced collaboration to support the Federal Government’s goal of swift removal from the FATF grey list. She underscored the CAC’s crucial role, as two of the fifteen action plan items for achieving this objective fall directly under the commission’s purview.

This strengthened partnership between the CAC and NFIU signifies a significant step forward in Nigeria’s fight against illicit finance and its efforts to regain a favorable standing with the FATF.