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From Juliana Taiwo-Obalonye, Abuja
The Nigerian Financial Intelligence Unit (NFIU) has said that the only sustainable approach to crime prevention is identifying where these funds are and denying criminal actors access to them.
Chief Executive Officer( CEao) of NFIU, Hafsat Bakari, stated this at a pivotal summit with law enforcement agencies, that focused on the critical need to enhance financial intelligence systems in the fight against crime.
The NFIU’s CEO said that,”the only truly sustainable approach to crime prevention is identifying where these funds are and denying criminal actors access to them.”
She outlined significant challenges faced by the NFIU, noting that in 2023 alone, the agency received over 60,000 suspicious transaction reports and more than 15 million currency transaction reports:”The volume of data we analyze is huge and will only continue to grow”.
She highlighted how emerging technologies like cryptocurrency complicate financial transactions and obscure links between owners and their funds.
Addressing the complexities of modern crimes, Bakari remarked,”Funds move rapidly across financial institutions and digital platforms, creating a need for improved international cooperation.”
Bakari proposed strategic priorities, including enhancing technology utilization across agencies and creating fusion cells for joint investigations targeting high-risk offenses:”By working together, we can utilize the comparative advantage of each authority more efficiently,” she urged.
She also stressed the importance of international collaboration in combating transnational crimes: “Many crimes we face are not confined within our borders.
She asvocated for stronger ties with organizations like INTERPOL and the Egmont Group of Financial Intelligence Units.
She warned that failure to address existing deficiencies could lead to severe economic consequences. “We must ensure sustained investigations into money laundering linked to fraud and drug trafficking”.
Bakari reaffirmed NFIU’s commitment to providing timely and actionable intelligence to law enforcement agencies: “We are making progress in combating serious organized crimes and must be more vocal about these successes*.
She however, called for a unified approach to enhance Nigeria’s security landscape.
