She made the call on February 5, 2013 at the EFCC Academy, Karu, Abuja while declaring open a one-day training programme on Anti- money Laundering / Combating Financing of Terrorism for the civil society.
She listed the adverse effects of money laundering to include reputational damage, loss of foreign direct investment and distortions of economic indices but noted that government had taken steps to check the menace with the enactment of the Money laundering (prohibition) Act 2011 and implementation of various AML/CFT initiatives in the country.
Nworgu however regretted that the last evaluation of the Financial Action Task Force ( FATF) on Nigeria identified a weak link between the DNFI’s ( Designated Non-Financial Institutions) and NGOs ( Non Governmental Organizations ) in the Anti- money Laundering and combating financing of Terrorism (AML/CFT) regime.
“This of course does not speak well for our country, our economy, the DNFI’s including you and indeed the regulators and law enforcement agencies because the FATF assessment of the country and sectors within the country is a major reference point for foreign investors and international business prospectors,” she stressed’.
Nworgu added that the effective implementation of AML/ CFT regime in the country requires concerted effort of all stakeholders both in the public and private sectors.
The Head SCUML who said NGOs needed to be informed of their responsibility under the AML/CFT regime warned that failure to adhere to these would attract strict sanctions.
Also speaking at the workshop, Mrs. Hadiza Gamawa who represented the Acting Director, Nigerian Financial Intelligence Unit (NFIU), Mrs. Juliet Ibekaku took the participants through the techniques for fight terrorism financing and said most NGOs are considered vulnerable as funds often come in from people with unknown sources of income.
Gamawa noted the challenge of identifying terrorist financing fund but expressed optimism that with training and retraining from the regulators, people can identify the red flags in suspicious transactions.
The training was a joint initiative of SCUML and the NFIU.