SCUML rallies key stakeholders ahead of critical FATF onsite evaluation

In a crucial step toward bolstering Nigeria’s readiness for the upcoming onsite visit by the Financial Action Task Force (FATF), the Special Control Unit Against Money Laundering (SCUML) has convened a high-level stakeholders’ engagement focused on strengthening compliance and sector sensitization.

The event brought together key representatives from Self-Regulatory Organizations (SROs) and the civil society space to align efforts toward exiting the FATF grey list.

Held at the Economic and Financial Crimes Commission (EFCC) Conference Hall on Awolowo Road, Ikoyi, Lagos, the interactive session emphasized the critical role of professional associations and non-profit actors in upholding the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.

It also served as a platform for strategic dialogue ahead of the FATF Mutual Evaluation—a process that assesses a country’s effectiveness in implementing measures to combat money laundering and terrorist financing.

In his opening remarks, the Director of SCUML and Deputy Commander of the EFCC, DCE Harry Eri, underscored the urgent need for collaborative action across sectors to close compliance gaps and elevate Nigeria’s anti-money laundering and counter-terrorism financing (AML/CFT) standards.

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“Professional bodies have a fundamental gatekeeping role in safeguarding the integrity of our financial system. As we approach the FATF Mutual Evaluation, coordinated sector sensitization is imperative to ensure consistent compliance and demonstrable effectiveness,” Eri stated.

He further emphasized that enforcement through appropriate sanctions must accompany awareness efforts, noting that deterrent measures are key to reinforcing compliance and proving Nigeria’s AML/CFT regime is both functional and effective.

Participants in the session included representatives from the Chartered Institute of Taxation of Nigeria (CITN); the Nigerian Institution of Estate Surveyors and Valuers (NIESV), Lagos and Ogun State Chapters; the Institute of Chartered Accountants of Nigeria (ICAN); the Association of Corporate Trustees; and a notable civil society organization, Spaces for Change.

The session saw vibrant discussions on practical steps each body can take to raise awareness within their constituencies, improve reporting standards, and implement robust internal controls in line with FATF expectations.

Stakeholders collectively reaffirmed their support for SCUML’s efforts, pledging to deepen collaboration and actively promote a culture of compliance. They acknowledged that transparency, accountability, and sector-wide sensitization remain essential for Nigeria’s successful removal from the FATF grey list.

This strategic engagement forms part of a series of targeted initiatives being rolled out by SCUML to ensure sectoral preparedness, enhance regulatory cooperation, and secure Nigeria’s position as a credible and compliant member of the global financial system.