Stakeholders throughout numerous sectors have advocated for measures aimed toward curbing the stream of funds to terrorist organisations via non-profit organisations.
The dialogue occurred on the Banks and Civil Society Convention themed ‘Enhancing the Implementation AML/CFT Necessities Relevant to Non-Revenue Entities by Banks and Different Monetary Establishments’ organised by Areas for Change, not too long ago in Lagos.
In his Keynote tackle, the Ex-Director of Analysis and Compliance of the Intergovernmental Motion Group towards Cash Laundering in Africa, Buno Nduka, stated the essence of the convention was to convey collectively all stakeholders which are concerned in helping the NPOs to make sure that they don’t seem to be exploited by criminals for terrorism financing.
Based on Nduka, Nigeria has already taken steps to try this because it has been capable of establish 10 classes of NPOs that may be labeled as NPOs vulnerable to terrorism financing.
“There’s a global observe via the Monetary Motion Activity Drive that prescribed sure measures that NPOs and nations the place they’re working ought to take,” Nduka stated.
Nduka additional famous that based mostly on the danger assessments, nations and establishments have been presupposed to undertake sure measures, together with risk-based approaches to observe capability constructing of assorted stakeholders and regulators.
On her half, the Government Director of Areas for Change, Victoria Ibezim-Ohaeri, underscored the intention of fostering higher collaboration between banks and non-profit organisations via the convention.
“The dialog goals to handle regulatory hurdles confronted by NPOs in banking transactions and discover methods to mitigate them with out hampering their reliable actions,” she stated.
The Director and Senior Guide of Greencare Group United Kingdom, Ben Evans, famous that there had been worldwide curiosity within the potential threat that NPOs might be abused with terrorism financing for the reason that assaults of 9/11 in america of America, however the understanding internationally has modified over time.
Based on a report in 2014, NPOs could be abused for terrorism financing despite the fact that there isn’t a proof of vulnerability and no proof that there have been systematic dangers.
Evans stated that the report advisable that nations assess the terrorism financing dangers inside their very own nation and perceive that not all NPOs are liable to the danger of terrorism financing.