Terrorists, other criminals’ financial strength now reduced – NFIU

The Nigerian Financial Intelligence Unit (NFIU) said the disruptive capabilities of the agency, which has been strengthened to ensure that criminal funds are effectively frozen and seized, have now reduced terrorists and other criminals’ financial capabilities to operate. It also said one of the key successes of the anti-graft unit to have achieved the feat […]

The Nigerian Financial Intelligence Unit (NFIU) said the disruptive capabilities of the agency, which has been strengthened to ensure that criminal funds are effectively frozen and seized, have now reduced terrorists and other criminals’ financial capabilities to operate.

It also said one of the key successes of the anti-graft unit to have achieved the feat was the ability to deploy what it described as “stop orders” in the framework of international cooperation, adding that the criminals have not been using their illicit proceeds to commit more crimes in the recent time.

The Chief Executive Officer of the NFIU, Hafsat Abubakar Bakari, disclosed this in Abuja during the opening session of the Financial Intelligence Units (FIUs) Suspension Powers Workshop for West, Central Africa and Eastern & Southern Africa EG region.

Speaking before the session later went into a closed door, Bakari said, “The quickest route to combating money laundering and its associated predicate offences is by denying criminals the illicit proceeds of their crimes.

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“In particular, our ability to intercept the finance that enables terrorists’ activities removes the vital oxygen that sustains these criminal networks and saves lives.

“In the context of the modern, technology-enabled financial services industry, where funds are moved at the touch of a button, it is important that FIUs have these disruptive capabilities to ensure that criminal funds can be effectively frozen and seized.”