CAC pledges continuous collaboration with NFIU to remove Nigeria from grey list of Financial Action Task Force

The Corporate Affairs Commission (CAC) has pledged to reinvigorate its relationship with the Nigeria Financial Intelligence Unit (NFIU) to ensure that Nigeria exit the grey list of the Financial Action Task Force.
The Registrar-General/CEO of CAC, Hussaini Ishaq Magaji gave the assurance today while receiving the Director/CEO of the NFIU, Hafsat Abubakar Bakari, on a courtesy visit to the Commission.
Hussaini Magaji approved the immediate set-up of a joint committee with the NFIU and a dedicated desk to handle all its matters.
The CAC boss added that the existing MoU between the two agencies will be reviewed for greater efficiency.
While urging the NFIU to ensure optimal utilization of the Application Programming Interface (API) granted to it by the CAC, Ishaq Magaji used the forum to call for knowledge sharing and capacity building for the benefit of staff.
Earlier, the Director/CEO, Nigerian Finance Intelligence Unit (NFIU), Hafsat Abubakar Bakari, acknowledged the strong relationship existing between the NFIU and the CAC towards strengthening the fight against money laundering, illicit financial flows, and other serious predicate offences in Nigeria.
Hafsat Abubakar therefore said that as an agency that relied on access to reliable and high-quality data, the NFIU was pleased with the strides made by the CAC in developing a world-class Beneficial Ownership Information Register.
She added that the BOI was critical to the NFIU and law enforcement agencies as they utilise it to trace and identify the beneficiaries of illicit proceeds.
She therefore called for greater collaboration to support the efforts of the Federal Government to ensure Nigeria exits the FATF grey list in the shortest possible time.
According to the NFIU boss, CAC’s role was critical, as two of the 15 items on its action plan fall squarely within the remit of the Commission.
CAC News reports that the high point of the visit was a presentation by the NFIU titled “Renewed Strategic Partnership between the Nigerian Financial Intelligence Unit (NFIU) and
Corporate Affairs Commission (CAC)
Enhancing Transparency, Integrity, Compliance, and Accountability in Nigeria’s Financial and Business Sectors.

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