Executive Chairman of the Economic and Financial
Crimes Commission, EFCC, Mr. Ola Olukoyede has challenged
Commonwealth Nations to learn from Nigeria’s proactive reforms and
collaborative approaches in its fight against corruption to strengthen
their defences against financial crimes.
He threw this challenge on Monday, April 7, 2025 at
the opening of a five-day Commonwealth Law Conference organised by the
Commonwealth Lawyers Association , CLA, in Malta, with the theme:
Combating Transnational organised Crime in the Commonwealth: Opportunities and
Challenges.
Olukoyede who spoke on the topic: "Combating
Financing of Terrorism and Proliferation Financing: Has FATF Enhanced
Monitoring Made any Difference in Non-Compliant Countries?", said the
Financial Action Task Force's, FATF’s enhanced monitoring framework,
while presenting significant challenges, also offers a clear roadmap for
reforms.
According to him, Nigeria’s experience reinforces the
fact that the benefits of monitoring extend beyond mere compliance but the
creation of a resilient financial system capable of disrupting the financing of
terrorism and proliferation activities.
In his advice to the Commonwealth Nations, the EFCC
boss said that while the FATF has made major changes to the criteria for
putting countries on its lists to relieve pressures on least developed
countries and focus on those countries posing greater risks to the
international financial system, "members of the Commonwealth should
continue to push for more considerations for countries in the Sub-Saharan who
continued to constitute the highest number on countries on the enhanced
monitoring list".
He pointed out that Nigeria has largely addressed all
its action items under the enhanced monitoring process with exception of the
items under Immediate Outcome 8 (Confiscation and highlighted lessons for
other Commonwealth Countries.
Such lessons include, high level political
commitment, proactive compliance over reactive measures, building enforcement
capacity, harnessing Technology, fostering public-private partnerships
and continuous international engagement.
Held biennially, the Commonwealth Law Conference is a
prestigious event in the legal calendar, attracting senior justice leaders,
academics and practicing lawyers from around the 56 member Commonwealth
Nations.
The Association exists to maintain and promote the
rule of law throughout the Commonwealth by ensuring that an independent and
efficient legal profession, with the highest standards of ethics and integrity,
serves the people of the Commonwealth.
Among other speakers at the event were: Juliet
Ibekaku- Nwagwu, founder, Africa Centre for Governance, Asset Recovery and
Sustainable Development; Richard Salter KC, Barrister 3 Vericulam Building,
London and Loretta Joseph , Senior Policy Adviser and Consultant to the
Commonwealth Secretariat on Virtual Asset Model Law.
Comments:
Leave a Reply