The Director General of Kenya’s Financial Reporting Centre, FRC, Saitoti Kimerei Maika, has commended the Special Control Unit Against Money Laundering (SCUML) of the Economic Financial Crimes, EFCC, in its strategic efforts in implementing the anti-money laundering and countering financing of terrorism frameworks in Nigeria.
Maika, who spoke through James Manyonge, Director of Legal Compliance and External Relations at Kenya’s Financial Reporting Centre , gave the commendation in Abuja when he led other members of his team on a study visit to the SCUML office.
He described SCUML’s doggedness and resilience in implementing the AML/CFT/CPF frame works as exemplary, adding that his team came to Nigeria to understudy the secret behind the country’s success in implementing the frameworks. Hae also sought SCUML’s support and collaboration in fighting the menace across the Sahel region.
Maika particularly explained that collaboration with SCUML was important for his Centre to understand the Designated Non-Financial Businesses and Professions, DNFBPs, which have been identified as potentially vulnerable to money laundering and terrorist financing.
Former Head of the Inter-Governmental Action Group against Money Laundering in West Africa, GIABA, Professor Abdullahi Shehu , while commenting on the FRC’s visit to Nigeria, confirmed that the DNFBPs’ sector is posing challenges to Kenya and the visit was to enable the Kenya’s FRC, understudy what Nigeria has done and what they can gain from the Nigerian experience to improve their own AML/CFT/CPF regime and also to address and interact with the FATF on being on the Grey List.
Commenting on the visit, the Divisional Head, Legal and Head National Coordination Office, the Nigerian Financial Intelligence Unit, NFIU, Chinedum Odenyi, said the participants have visited all the stakeholders in the AML/CFT/CPF. According to him, their interests bothered on understanding how Nigeria was able to unify the law enforcement agencies in Nigeria and how the country was able to bring every stakeholder into one room, especially working to exit the FATF grey list,
SCUML’s Director, Deputy Commander of the EFCC, DCE Harry Erin, who represented the Executive Chairman of the Economic and Crimes Commission, Ola Olukoyede, in welcoming the guests, assured that Nigeria will not withhold any knowledge from them, especially owing to the purpose of their study tour which is a knowledge sharing engagement.
Olukoyede explained that SCUML was established under the EFCC to monitor, regulate and supervise the activities of Designated Non-Financial Businesses and Professionals, DNFBPs, in Nigeria, stressing that over the years, the Unit has evolved from simple registration and compliance monitoring to a dynamic and risk-based supervisory body.
The EFCC boss stressed that the Unit is working closely with Self-Regulatory Bodies, SRBs, trade associations, and development partners to deepen AML/CFT/CPF, compliance in high-risk sectors such as real estate, legal and accounting professionals, trust and company services, and dealers in precious metals and stones.
“Our model of public-private sector engagement through initiatives such as the SCUML Public-Private Sector Dialogue Forum and targeted capacity-building programmes has proven instrumental in driving compliance ownership and improving effectiveness. These experiences, along with lessons learned from Nigeria’s ongoing efforts to strengthen its AML/CFT/CPF regime and exit the FATF ICRG process, offer valuable insights that we are pleased to share with you,” he said.
