The National Information Technology Development Agency, NITDA, has collaborated with the Nigerian Financial Intelligence Unit, NFIU, to develop and implement a Data Management platform aimed at combating terrorism financing in the country.
The partnership was established during the inaugural meeting for the Development and implementation of an Anti-Money Laundering/Combating the Financing of Terrorism/Countering Proliferation Financing (AML/CFT/CPF) Data Management Platform in Abuja, Nigeria.
The Chief Executive Officer of NITDA, Kashifu Inuwa Abdullahi said; “the project marks a remarkable milestone in Nigeria’s journey to exit from the Financial Action Taskforce grey list.
“On the 24th of February 2023, Nigeria was grey listed in the Financial Action Task Force as a result of lack of visibility of our financial transaction and our anti-money laundering regime, counter-terrorism financing regime, and counter-proliferation financing regime.”
According to him, President Bola Tinubu is committed to combating financial crime through innovation and technology and has directed NITDA and NFIU to develop a system that will help Nigeria exit the grey list and enhance intelligence in all financial transactions.
He said; “This can help us to comply with the global standard and best practices in AML, CFT, and CPF, as well as it will position us and project our own relationship in terms of any financial transaction in the world, and also increase our reputation when it comes to financial transactions.“
The NITDA Boss stated that the project would enhance national security, improve the operational efficiency of the NFIU, and provide the entire financial industry with greater visibility into all activities.
Abdullahi said; “We are also looking at how we can infuse emerging technologies, such as AI, analytics, and so on, so that we can automatically trace any suspicious transaction and flag it up for relevant agencies to take action.“
Legislative support
Also Speaking, the Chairman House Committee on Information and Technology, Stanley Adedeji emphasized that both organisations would receive robust legislative support to guarantee the project’s success.
Adedeji expressed confidence that with the legislature’s backing, the implementation of the Data Management Platform would enhance the country’s capacity to combat financial crimes effectively.
The Director/ Chief Executive Officer of the NFIU, Hafsat Bakare noted the significance of collaboration among governmental bodies in addressing critical issues like anti-money laundering and terrorism financing.
“This is an interagency collaboration. This Project is an innovation that is not just capable of changing the financial landscape in Nigeria but also in Africa,” she added.
Mercy Chukwudiebere
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