Nigeria’s Police headquarters has intensified its efforts to combat financial and money laundering crimes, aiming to remove the country from the Financial Action Task Force (FATF) Grey List. This move comes after Nigeria was designated as a high-risk jurisdiction for money laundering and terrorism financing in February 2023. The police have made significant progress, arresting 179 individuals involved in laundering over ₦11 billion. This achievement is part of the force’s proactive efforts, bolstered by the establishment of the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Sections.
“In response to this critical situation, the Nigeria Police Force has been actively tackling these issues through the establishment of specialized units such as the Special Anti-Fraud Unit (SFU), the National Cybercrime Centre, and the newly launched Anti-Money Laundering Unit.
“Collectively, these initiatives aim to enhance Nigeria’s compliance with international standards and facilitate the country’s removal from the FATF grey list.
“Over the past year, these specialized units have made significant strides in combating financial crimes, resulting in the arrest of 1,088 suspects, securing 152 convictions, and recovering a total of $11,450,000 and ₦142,261,254,228.80. “The National Cybercrime Centre, in particular, has been pivotal in addressing digital financial crimes, leading to the arrest of 751 cybercrime suspects and extensive recoveries amounting to ₦8,821,001,881.80, $84,000, and 115,237.91 USDT. “A notable achievement includes Operation Butterfly Net, addressing a cyber attack on Flutterwave, which led to the arrest of 179 individuals involved in laundering over ₦11 billion.
Notably, the police have also recovered substantial amounts, including $11,450,000 and ₦142,261,254,228.80, and secured 152 convictions. The National Cybercrime Centre has been instrumental in addressing digital financial crimes, leading to the arrest of 751 cybercrime suspects.
“The training of over 2,000 officers across various units in money laundering and terrorism financing investigations is reflective of the Force’s commitment to improving Nigeria’s global standing in combating financial crimes. “With the submission of quarterly AML/CFT reports to the Nigerian Financial Intelligence Unit (NFIU), Nigeria’s ratings within the FATF regime have also significantly improved, indicating the effectiveness of these initiatives.
“As we move forward, the Nigeria Police Force remains resolute in its commitment to combating money laundering and terrorism financing, ensuring that Nigeria meets international requirements set by the FATF. “We urge all relevant ministries, departments, and agencies (MDAs) to collaborate in this critical effort of lifting Nigeria from the FATF grey list.
“While the fight against financial crime is far from over, the progress made by the Force in investigations, arrests, and prosecutions demonstrates the determination to protect the integrity of Nigeria’s financial system and restore trust in our financial institutions. “We assure the public and the international community that the Nigeria Police is taking all necessary steps to combat money laundering and terrorism financing.”
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