On Tuesday, the Nigeria Police headquarters announced its boosted efforts aimed at addressing financial crimes, including money laundering.
They emphasized that these initiatives have already led to the apprehension of 179 individuals who allegedly laundered over ₦11 billion.
This move is crucial to lifting Nigeria from the FATF Grey List.
According to a statement, Nigeria was placed on the Financial Action Task Force (FATF) grey list back in February 2023.
This designation marked the country as a high-risk area for both money laundering and terrorism financing.
In light of such a serious situation, the Nigeria Police Force has stepped up its game to tackle these pressing issues.
To this end, they have set up specialized units like the Special Anti-Fraud Unit, the National Cybercrime Centre, and a newly launched Anti-Money Laundering Unit.
These units collectively strive to boost Nigeria’s compliance with international standards, ultimately aiming for the country’s removal from the FATF grey list.
Over the past year, these specialized groups have made impressive progress in fighting financial crimes.
They have arrested 1,088 suspects, secured 152 convictions, and recovered a substantial amount of money—$11,450,000 and ₦142,261,254,228.80.
This progress shows a strong commitment to addressing the financial crime issues plaguing Nigeria.
Focusing particularly on digital financial crimes, the National Cybercrime Centre has played a key role.
They’ve arrested 751 cybercrime suspects and achieved impressive recoveries amounting to ₦8,821,001,881.80, $84,000, and 115,237.91 USDT.
Notably, the Operation Butterfly Net was instrumental in tackling a cyber attack on Flutterwave, leading to those critical arrests.
Furthermore, the Nigeria Police Force has established Anti-Money Laundering and Countering the Financing of Terrorism sections, enhancing the framework for financial investigations.
Training has been provided to over 2,000 officers across various divisions, which reflects the Force’s dedication to elevating Nigeria’s global standing in fighting financial crimes.
As they submit quarterly AML/CFT reports to the Nigerian Financial Intelligence Unit, Nigeria’s ratings within the FATF framework have notably improved.
This demonstrates the effectiveness of their initiatives, and the Nigeria Police Force is moving forward with determination.
The Nigeria Police Force is steadfast in its commitment to combatting money laundering and terrorism financing.
They aim to ensure Nigeria meets all international standards established by the FATF.
They also call on all relevant ministries, departments, and agencies to work together in this crucial mission.
Though the battle against financial crime isn’t over, the progress made in investigations, arrests, and prosecutions shows a steadfast resolve.
The Nigeria Police Force is committed to safeguarding the integrity of Nigeria’s financial system and restoring trust in financial institutions.
They assure the public and international community that they are taking all necessary actions against money laundering and terrorism financing.
