Nigerian Financial Intelligent Unit intercepting terrorism funding — Boss
The Chief Executive Officer of the Nigerian Financial Intelligence Unit, Hafsat Bakari, said on Tuesday that the NFIU was intercepting funds used to finance terrorist activities in the country.
She added that this interception has cut off the vital lifeline sustaining these criminal networks, thereby saving lives.
Speaking during the opening session of the Financial Intelligence Units Suspension Powers Workshop for the West, Central, Eastern, and Southern African EG regions in Abuja, Bakari stated that the ability to deploy “stop orders” has recently helped prevent criminals from using their illicit proceeds to commit further crimes.
Bakari said, “As we will all no doubt agree, the quickest route to combating money laundering and its associated predicate offences is by denying criminals the illicit proceeds of their crimes.
“In particular, our ability in intercepting the finance that enables terrorists’ activities removes the vital oxygen that sustains these criminal networks and saves lives.
“In the context of the modern, technology-enabled financial services industry, where funds are moved at the touch of a button, it is important that FIUs have these disruptive capabilities in order to ensure that criminal funds can be effectively frozen and seized.
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“One of the key successes for the NFIU has been our ability to deploy these stop orders in the framework of our international cooperation via the Egmont Group to freeze and return funds that are linked to fraud, and in particular business email compromise.”
The NFIU boss stressed that reducing the ability of fraudsters and other criminals to use their illicit proceeds has reduced the incentives to engage in these crimes.
Bakari added that she does believe that it is important to consider the ethical and moral limitations before the usage of the “stop orders” strategy.
She said, “Nigeria, the Money Laundering (Prevention and Prohibition) Act 2022, provides the NFIU with the powers to suspend transactions for a limited period. Specifically, Section 7(6) of the Act allows the NFIU to issue a stop order directing any financial institutions or designated non-financial businesses or professions to halt transactions for a period of 72 hours where the Unit suspects that the funds are linked to an illegal act.
“The specification of a 72-hour window is particularly key as it allows either the FIU or a relevant law enforcement agency to secure an order of the Federal High Court restraining the funds believed to be suspicious.
“This, in essence, allows enough time for a thorough investigation without the risk of the funds or assets being dissipated,” Bakari explained.
