GOOD WILL MESSAGE
GIVEN BY
THE DIRECTOR, NFIU
AT THE
PRE-ASSESSMENT WORKSHOP ON THE GIABA/FATF
2ND ROUND OF MUTUAL EVALUATION EXERCISE
AT
EKO HOTEL/TOWERS
ON THE 14TH - 16TH JUNE, 2016
PROTOCOLS
Distinguished Ladies and Gentlemen, it is always my pleasure to be associated with the CCCOBIN as I see them more like Associate and partners in the war against Money Laundering and the fight against terrorist financing and other financial vices.
It is more an added pleasure to me and the NFIU family that I have been invited to give a good will message at the -pre assessment workshop of the Committee, if I am wrong please correct me, this workshop is the first of its kind in preparation for the second round of the GIABA/FATF mutual evaluation. I believe that thisworkshop is an off shut to the GIABA pre-assessment workshop organised in March 2016; organising this workshop just a few months after the GIABA workshop is an indication that we have awaken to our responsibilities and that we indeed paid attention to all the issues and deficiencies raised by GIABA at the said workshop. I confess that it is mydelight to note that CCCOBIN is introducing this new era.
In my view, the purpose of this workshop is not limited to creating awareness within our respective sectors, organisations or entities on the imminence of the second round of GIABA Mutual Evaluation, but rather to curt the interest, consciousness and total participation of stakeholders as well as apportionduties and responsibilities.
Gentlemen, the importance of a favourable MEE to a country like Nigeria cannot be over emphasized, those of us who had been around during the 2008 MEE of Nigeria can attest to the consequences of the 2008 Evaluation report on Nigeria, the consequential damage that report had on the economy of Nigeria and its reputation was devastating. I reiterate my gratitude to the CCCOBIN for organising this workshop which also indicates that, we are preparing not to fail but to maintain our status as the regional champion on AML/CFT in the West Africa sub region. It is commonly said that, "failure to plan and get ready is akin to planning to fail". This workshop is therefore timely and most appropriate and it indicates that we are planning to succeed.
Let me use this opportunity to inform you that, Nigeria has conducted its National Risk Assessment, the report was presented to the public at a workshop organised by the NRA secretariat in conjunction with the world bank; we have received the comments from the World Bank and the comments are reassuring and encouraging. We have been enjoined to do more but we can only do better by improving on our achievements by consistently maintaining a high culture of compliance to the MLPA, regulations as well as the TPA 2011, and other international standards.
We have been adviced that the MEE GIABA will conduct on Nigeria, will be more tedious than the first one, because it is going to determine our readiness to become an FATF member, you are aware that, Nigeria has, applied for FATF membership and one of the criteria for that membership is the joint GIABA/FATF MEE, this informs why the 2nd round of MEE has been shifted by the FATF from the1st quarter of 2017 to a period to be communicated to us at the next FATF plenary meeting coming up in a fort night in Busan, South Korea. We are also expecting a high level mission from the FATF to visit Nigeria between the months of July and August, 2016, the outcome of which visit will determine if Nigeria will be admitted to FATF observer status at the October/November, 2016 plenary. Note that some of our institutions will be visited during the course of this high level visit and what will be looked at will be an how effective your AML/CFT guideline are.
I am sure that this workshop will inform us on the requirement and criteria of the 2nd round of Mutual Evaluation Exercise which will primarily be focused on effectiveness of the legal and regulatoryframework of our AML/CFT regime. I am convinced that thearray and caliber of experts, listed to facilitate in this programme will do justice to the various topics designed for this workshop.
I enjoin you to take this workshopseriously, let usfocus on the implementation of the outcomes of the workshop, by jettisoning our usual character of talking and not working the talk. I am convinced that if we all play our part, we shall have cause to celebrate at the end of the day.
I vouch for myself and on behalf of the NFIU, that we shall continue to remain focused as the lead agency for the MEE but despite this role we shall work like partners in progress, we will open ourselves to explain, and address whatever concerns you may have concerning the MEE as well as constructive criticism.
Permit me to use this medium to recommend that, we should at the end of this workshop, CCCOBIN in conjunction with other stakeholders and the NFIU organise a mock Mutual Evaluation Exercise, to enable us determine the outstanding issues and set up processes to address them before the GIABA/FATF MEE.
Ladies and Gentlemen, without much ado allow me to once again congratulate the CCCOBIN, it's indefatigable leadership, and those of you who are attending this workshop, I believe that, you have made time out of your tight schedule to attend, because you understand the challenges ahead and the need to address them timely.
I wish you all a fruitful present workshop.
Thank you.