Financial Crime World

Nigerian Financial Intelligence Unit Releases Report on Money Laundering Typologies from Corruption

The Nigeria’s Financial Intelligence Unit (NFIU) has published a report titled “Assessment of Money Laundering Typologies from Corruption in Nigeria”, outlining the identification of money laundering typologies linked to corruption in the country.

Background

This report is in line with the National Strategic Implementation Roadmap, which addresses the high threat of corruption as outlined in the National Risk Assessment.

Key Findings

  • Existing Framework: The report provides an overview of Nigeria’s existing framework for combating corruption, incorporating findings from various earlier assessments.
  • Identified Typologies: It highlights the money laundering typologies linked to corruption based on real-life case studies from investigations and financial analyses.

Collaborative Efforts

A working group of key agencies collaborated on the project:

  1. Code of Conduct Bureau (CCB): Regulates and monitors adherence to the Code of Conduct for Public Officers.
  2. Economic and Financial Crimes Commission (EFCC): Fights economic and financial crimes.
  3. Independent Corrupt Practices and other Related Offences Commission (ICPC): Enforces laws against corrupt practices.
  4. Nigeria Extractive Industries Transparency Initiative (NEITI): Promotes transparency and accountability in the Nigerian oil and gas sector.
  5. Technical Unit on Governance and Anti-Corruption Reforms (TUGAR): Provides technical support for anti-corruption initiatives.

Challenges and Recommendations

The report addresses the challenges encountered in curbing corruption in Nigeria and offers recommendations to counteract these hurdles and enhance the country’s anti-corruption measures.

Relevance

This report is essential for Nigerian authorities, financial institutions, and designated non-financial businesses and professionals to understand the primary money laundering typologies linked to corruption and strengthen Nigeria’s anti-money laundering initiatives.

Future Initiatives

Currently, the NFIU is conducting similar typology studies in relation to money laundering through fraud and illicit trafficking in narcotic drugs and psychotropic substances.

Access the Report

To download the report, please visit the Advisory and Guidance section on the NFIU website.