According to the EFCC, some part of the nation’s charity and non-profit organizations has been found to be susceptible to terrorist financing as identified by the nationwide risk assessment but the EFCC said genuine organizations will be spared excessive regulations.
The anti-graft agency said the risk assessment is part of the ongoing commitment to ensure Nigeria’s adherence to international standard for counter-money laundering and terrorist financing as provided by the recommendations of the FATF.
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The EFCC explained that the exercise was done with a view to identifying the sector where non-profit organizations could be exploited by criminal or terrorist organizations without undue interference of genuine humanitarian, religious and civil society organizations engaged in legitimate business activities.
The commission emphasized that the objective is not to stifle the good work of charity organizations but to build the framework for greater accountability, transparency and financial integrity among them and stated that organizations conducting genuine activities have nothing to fear.
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The EFCC said the result of the assessment will form the basis for developing a risk-based regulation which will allow the authority focus compliance efforts on the high risk activities and organizations and will avoid the broad range of regulations which could negatively affect the sector.
The EFCC advised charities and NGO’s to keep good financial records, conduct the necessary due diligence of its donors and beneficiaries and be compliant with existing reporting requirements in order to ward off potential abusers of their good cause by criminal network elements.
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The assessment is part of Nigeria’s efforts to enhance the existing anti-money laundering and counter-terrorism financing framework.
