FG Moves To Exit From FATF List

Namadi-Sambo- 600The Federal Government has constituted a Cabinet Committee to accelerate the removal of Nigeria from the list of countries still having issues with the Financial Action Taskforce (FATF), regarding Anti-Money laundering/Counter Financing Terrorism regimes.

The Committee under the chairmanship of the Vice President Arc Mohammed Namadi Sambo during its maiden meeting pledged to ensure that Nigerian’s name was completely removed from the list.

The Vice President during the meeting stressed that the President Goodluck Ebele Jonathan led administration strongly believed that with the measures already put in place regarding laws and regulations, Nigeria, should not continue to remain on the public statement of the FATF.

He noted that in a deliberate attempt to accelerate the delisting of Nigeria from FATF books, President Jonathan had constituted the high powered committee, charging members to work assiduously to ensure that the committee discharged its mandate effectively, stressing that the President remained determined to the delisting of Nigeria from countries that still have issues with FATF.

The Vice President said “I urge you all to work hard towards ensuring that we maintain the integrity of our financial system through effective implementation of laws and regulations against financial improprieties.”

Vice President Sambo towards this end directed the immediate sanitisation of the country’s international airports particularly the enforcement of currency regime declaration by travellers.

The Chairman of the Presidential Task Force on FATF, Mr. Stephen Oronsaye, noted that the Presidential Committee had made considerable inroads in ensuring that Nigeria was removed from the FATF list, particularly in areas of strict implementation of rules and regulations in the financial system.

The Financial Action Task Forces is expected for an onsite visit to Nigeria in September, the visit is meant to facilitate the delisting of Nigeria from their books.