Foreign NGOs, fintech firms linked to terrorism financing – FG
The administration of Muhammadu Buhari has finally identified those responsible for Terrorism financing in Nigeria.
The federal government has identified those it claims are in charge of funding terrorism in the nation, which is a significant development.
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The FG cites international banks, financial technology companies, and non-governmental organisations.
The FG listed some of those involved in the 2022 National Inherent Risk Assessment of Terrorism Financing in Nigeria report. to contain:
1) Financial technology companies,
2) banks,
3) foreign non-governmental organisations,
4) operators of point-of-sale terminals
The affected NGOs, which include those operating in terror-prone areas and involved in humanitarian, service-related, and religious activities, were identified in the report that evaluated the level of terrorism financing risks to which the country was exposed.
Further, the report established that there are ongoing interactions between designated non-financial businesses and professions, financial institutions, bureaus of change, fintech companies, and terrorist actors who use cash.
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The evaluation stated, in part:
The results of this study suggest that using cash is a common method of financing terrorism in Nigeria.
Despite this, field data gathered through law enforcement investigations as well as financial information have shown ongoing interactions between financial institutions, Bureau de Changes, fintech companies, and Designated Non-Financial Businesses and Professions regarding the use of cash by terrorist actors.‘’
The use of bank accounts in the transfer of TF funds has been a major focus of TF-related intelligence and investigations.
Financial information has also revealed that illegal currency exchangers combine BDC activities with transactions in their personal accounts as well as entity accounts they hold and control.
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