NFIU extends AML/FT to $200bn yearly illicit wildlife trade Kayode Lawal, Daily Post November 26, 2024 The Nigerian Financial Intelligence Unit, NFIU, has formally extended its Anti-Money Laundering, Combating Financing of Terrorism and Countering Proliferation Financing, AML/CFT/CPF, framework to the Illicit Wildlife Trade estimated at $200 billion annually. Chief Executive Officer of the NFIU, Hafsat Abubakar Bakari disclosed this on Tuesday at the opening of a roundtable on Public Private Partnership (PPP) to support AML/ CFT/ CPF collaboration in Nigeria. The roundtable which was organized by the NFIU in collaboration with the London Stock Exchange Group, had in attendance Financial Intelligence Unit, FIUs officers from other African countries. According to Bakari, wildlife crimes are increasingly recognized as a significant predicate offence for money laundering, hence the need for collaboration from relevant stakeholders both within and outside the country. “With the leadership of the Ministry of Environment and the National Environmental Standards and Regulations Enforcement Agency, Nigeria has brought together financial intelligence from the banking sector, law enforcement and prosecutorial authorities and is making significant strides in combating wildlife trafficking networks that fund and benefit from criminal enterprises that undermine biodiversity”, she said. The NFIU boss stated that by incorporating wildlife crime into the organization’s PPP agenda today, they ensure that the lessons learned can also benefit other critical stakeholders. She observed that the PPP on Illicit Wildlife Trade has benefited from the international expertise of so many partners such as United for Wildlife which has recently launched a West Africa Chapter and established an IWT Charter which the NFIU and ICPC have both signed up to prioritizing environmental crimes. “We have also been able to tap into the best practices available through the South African Anti-Money Laundering Integrated Task Force’s, SAMLIT work on illegal wildlife trafficking and I am grateful that the former Head of the South African FIU is with us again today to share more of these lessons. “These examples showcase the potential of PPPs across various sectors to transform our national, regional and global approach to fighting crime. As we move forward in these round table discussions, I urge all participants to focus on actionable outcomes. Let us brainstorm on concrete actions, delegate authorities and define deadlines that will see the realization of common objectives”, she said. In a goodwill message, representative of United for Wildlife and former Head of the South African FIU, Mrs Xoisile Khanyile, pointed out that the fight against Illicit Wildlife Trade should not be left to conservatives alone. While stating that nature has dissipated by 73% over the years, she disclosed that illicit wildlife activities have gone beyond the activities of poachers to now involve money laundering, adding that, “illicit wildlife trade is now a transnational activity with about $100 to $200 billion a year “. Khanyile urged that the crime should no longer be seven as environmental but financial, “we have to use FIU to follow the money, trace the people generating the billions of dollars from this illicit trade. The former South African FIU head added that the development has brought to the fore the need for FIUs to do threat assessment, work with the banking sector, and have the right law amongst others. “The battle can only be won if we work together as partners”, she added. https://dailypost.ng/2024/11/26/nfiu-extends-aml-ft-to-200bn-yearly-illicit-wildlife-trade/