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Oscar Okhifo
The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has called for greater synergy among government agencies, financial institutions and other critical stakeholders to ensure the effective implementation of Nigeria’s Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework, describing collective action as the key to defeating financial crimes.
Olukoyede made the call during a stakeholders’ engagement on the AML/CFT framework, where he stressed that money laundering, terrorism financing and other illicit financial activities continue to pose serious threats to national security, economic stability and investor confidence.
He urged all reporting entities, regulators, designated non-financial businesses and professions, law enforcement agencies and other relevant institutions to strengthen collaboration, share intelligence and fully comply with established regulations to prevent Nigeria’s financial system from being used for criminal activities.
According to him, the fight against money laundering and terrorism financing cannot be left to enforcement agencies alone, as every institution with responsibilities under the AML/CFT regime must play its role diligently.
“The fight against money laundering and terrorism financing is a shared responsibility. Every stakeholder has a critical role to play in ensuring that Nigeria’s financial system is not exploited for criminal activities,” Olukoyede said.
He added that effective implementation of the AML/CFT framework depends on the commitment of every reporting entity to uphold transparency, strengthen internal controls and promptly flag suspicious financial transactions.
He stressed the need for continuous training, improved intelligence sharing and the deployment of technology to help institutions identify emerging money laundering and terrorism financing risks before they threaten the integrity of the financial system.
Olukoyede noted that a robust anti-money laundering regime would enhance national security, deepen investor confidence, improve Nigeria’s global standing and reinforce the country’s commitment to international financial standards.
He reaffirmed the EFCC’s resolve to continue working with regulators, financial institutions, law enforcement agencies and international partners to strengthen compliance and ensure that criminals have no safe haven within Nigeria’s financial ecosystem.
The EFCC chairman expressed confidence that sustained collaboration, accountability and strict adherence to the AML/CFT framework would significantly reduce illicit financial flows, protect the nation’s economy and position Nigeria as a trusted partner in the global fight against money laundering and terrorism financing.
