The Economic and Financial Crimes Commission (EFCC) says the national terrorism financing risk assessment helped the government to identify non-profit organisations (NPOs) vulnerable to abuse by terrorist financiers.
Olanipekun Olukoyede, EFCC chairman, spoke on Wednesday at the third Africa high-level civil society anti-money laundering and counter-terrorist financing (AML/CFT) conference in Abuja.
The conference, organised by Spaces for Change (S4C), was themed ‘Implementing FATF Recommendation 8 Correctly: Practices, Lessons Learned and Opportunities for Reform’.
The Financial Action Task Force (FATF) Recommendation 8 requires countries to review the adequacy of laws and regulations related to NPOs to protect them from terrorist-financing abuse.
Olukoyede, who was represented by Harry Erin, director of the special control unit against money laundering (SCUML), said the assessment marked a shift from assumptions about the sector to a targeted, evidence-based understanding of terrorist financing risks.
“The assessment has enabled Nigeria to move
