2022 National AML/CFT/CPF Inherent Risk Assessment
The Inter-Ministerial Committee (IMC) on Anti-Money Laundering/Counter Financing of Terrorism & Proliferation (AML/CFT/P) has issued the 2022 National Inherent Risk Assessment (NIRA) reports on Money Laundering, Terrorist Financing, Proliferation Financing, Legal Persons & Legal Arrangements and Money Laundering & Terrorist Financing in the Extractive Sector.
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About IMC
The Nigerian Inter-Ministerial Committee (IMC) on AML/CFT was created and inaugurated in 2008 pursuant to the resolution of GIABA at its 6th GIABA AD HOC Ministerial Committee meeting held in Accra on 7th May, 2008 where the guidelines for the establishment of National Inter-Ministerial Committees was adopted. The underlying principle for the creation of the IMC is to establish a coordinating mechanism to ensure the implementation of a robust AML/CFT regime. The Committee operates autonomously and is guided in its duties by the IMC CharterThe main functions of the IMC are the coordination of MDAs to implement Read more...
Countries should establish a financial intelligence unit (FIU) that serves as a national centre for the receipt and analysis of: (a) suspicious transaction reports; and (b) other information relevant to money laundering, associated predicate offences and terrorist financing, and for the dissemination of the results of that analysis.”
FATF
AML/CFT Standard Setters
"The scope of Mutual Evaluations is to assess whether the necessary laws, regulations or other measures required under the essential criteria are in force and effect, that there has been a full and proper implementation of all the necessary measures, and that the AML/CFT system as implemented is effective.”
GIABA
FATF West Africa Styled Regional Body
FATF"The FIU should be able to obtain additional information from reporting entities, and should have access on a timely basis to the financial, administrative and law enforcement information that it requires to undertake its functions properly.”
AML/CFT Standard Setters
GIABA"The evaluated country is rated depending on the efficacy of measures put in place to detect, prevent or sanction cases of money laundering and terrorist financing. A report is issued after completion of the mutual evaluation. It is then discussed and adopted at GIABA Plenary.”
FATF West Africa Styled Regional Body
