The federal government, through the National Information Technology Development Agency (NITDA) and the Nigerian Financial Intelligence Unit (NFIU) has kick-started an initiative that will ensure the exit of the country from the Action Task Force (FATF) Grey List by May 2025.

This initiative was a directive of President Bola Ahmed Tinubu for the NFIU to develop and implement an Anti-Money Laundering/Counter Financial Terrorism/Counter Proliferation of Firearms Data Management Framework and Platform in collaboration with NITDA.

At the inaugural technical session to kick-start the process at the NITDA Headquarters in Abuja Tuesday, the NITDA director general, Kashifu Inuwa, disclosed that the technical session meeting would mark a ?remarkable mile in the country?s journey to exit from the From the Financial Action Task Force Grey List the nation has been enlisted into since February 2013.?

Inuwa said the enlistment of the country into the Grey List was occasioned by seven issues among which are the rising capital inflows into the country, the shortcomings in combating money laundering, the shortcomings in combating arms financing and the shortcomings in combating terrorism financing.

He said other factors include ?the nation?s deficiencies in anti-money laundering regime, counter-terrorism financing regime and counter arms proliferation financing regime.?

He noted that the desire of the president to combat corruption and financial crime through innovation and technology necessitated his directive to NITDA to work with NIFU to build a system that would help NFIU to better manage financial data and compliance in the country.

In her remarks, the NFIU Chief Executive Officer, Barrister Hafsat Abubakar Bakari, described the project as a ?game changer? because it will not only help the country to exit the grey list as directed by the president but improve the Data Integration Management System for Anti-Money Laundering and Combating the Financing of Terrorism, (AMLCFT.)

The Chairman, House Committee on Information and Communication Technology and Cyber Security, Hon. Adedeji Olajide, also graced the event assured both NITDA and NFIU of legislative support in their quest to secure the country against illicit financial flow and other vices. (Daily Trust)

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