Minister addresses illicit financial flows

Nigeria has called on the Action Group Against Money Laundering in West Africa to develop an institutional framework for the enforcement of financial crimes regulations in the region. The Premium Times reports that Justice Minister Lateef Fagbemi made the appeal at the launch of the group's 27th meeting in Abuja last week. Fagbemi, who is also the chairperson of the group’s ministerial committee, said member countries should prioritise their national systems on targeting money laundering and combating the financing of terrorism. ‘Our collective commitment to put in place legislative policy and institutional frameworks is necessary to protect the integrity of our financial systems from threats of money laundering, terrorist and proliferation financing,’ he said. He added that the Financial Action Task Force Standards are not punitive measures, but tools to ensure safety, security and prosperity in countries, regions, continents and the global community.