CBN Governor calls on all financial stakeholders to double their efforts in fighting money laundering, terrorist financing

Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN) during the regional workshop on Money Laundering and Terrorist Financing Risk Assessment for Financial Institutions in Abuja, stated that the banking institutions, security agencies, stakeholders in the financing system needs to top their efforts in fighting money laundering and terrorist financing.

The CBN Governor who was represented by Dr. Joseph Nnana, Deputy Governor in charge of financial services and regulations said that it is important that financial institutions to have knowledge of their customers and their businesses.

“The effort at combating money laundering and terrorist financing is no doubt, a collective responsibility of the regulators, regulated entities, law enforcement agencies and other relevant stakeholders in the financial system,” he said.

“Money laundering and terrorist financing are twin menace, which all territories should continuously focus on in order to avert their debilitating effects on an economy.”

Citing Boko Haram , an Islamic terrorist group in Nigeria and some neighboring countries, CBN Boss explained that they started as a small radical sect and festered due to ease of financing.

“A docile environment invariably disposes its financial system to money laundering/financing of terrorism activities. Products and services offered by financial institutions provide a veritable avenue for criminals to launder their funds and for terrorist financiers to move funds across various jurisdictions.”

The event was organized by the inter-governmental Action Group Against Money Laundering in West Africa.