In a bid to combat rising cases of money laundering and terrorism, Nigeria, a member state of the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA), has called for the adoption of modern technologies.
Mr. Lateef Fagbemi, the Attorney-General of the Federation and Minister of Justice, emphasised the critical role of technology during the 2023 summit for Compliance Officers in the sub-region. With an estimated 4.4 million people facing acute food insecurity, technology is seen as a crucial tool to address illicit financial flows that exacerbate these challenges.
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Challenges and Opportunities in the Technological Landscape
Mr. Edwin Harris, the Director-General of GIABA, acknowledged the transformative potential of technology in preventing money laundering and counter-terrorism financing. However, he highlighted the challenges, emphasising the necessity of aligning new technologies with international standards for data protection, privacy, and cybersecurity. Harris stressed the need for innovative solutions, including data analytics and machine learning, to enhance safety analytic compliance and effectively tackle financial crimes.
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Nigeria’s Efforts in Leveraging Technology Against Financial Crimes
Mr. Tukur Mobibbo, the Director of the Nigerian Financial Intelligence Unit (NFIU), underscored the dynamic nature of financial crimes and the imperative of using technology to assess associated risks. While noting varying levels of technology compliance across West African countries, he highlighted the impact of terrorism and financing of terrorism in the region. Nigeria’s proactive approach involves deploying a crime record information system to over 40 competent authorities, leveraging technology to address challenges in cryptocurrency transactions. This multi-pronged strategy showcases the country’s commitment to staying ahead in the technological fight against financial crimes.
The summit served as a crucial platform for participants to exchange experiences and foster collaboration in leveraging technology to curb money laundering, terrorism financing, and proliferation. The urgency of embracing modern technologies is paramount, given the escalating threats faced by the West African region. As discussions unfold, the focus remains on developing effective strategies that harness the power of technology to safeguard financial systems and enhance regional security.
