The EFCC, on Monday November 15, 2021 flagged-off a nationwide risk assessment of Non-profit Organizations. The programme which is a collaborative initiative of the EFCC through the Special Control Unit against Money Laundering, SCUML, and relevant stakeholders in the public and private sectors, according to the EFCC Chairman, Abdulrasheed Bawa, is meant to determine the vulnerabilities of the organizations to money laundering and terrorism financing.
While noting the increase in Non-profit Organization activities in Nigeria especially in the North East, where the country is challenged by a humanitarian crisis created by Boko Haram, he observed that the absence of a unified comprehensive regulatory and supervisory framework for the sector remains a source of worry for the authorities. This gap, and Nigeria’s performance in the last Mutual Evaluation Exercise where the country received a non-compliant rating in FATF’s Recommendation 8, (that requires a review of the adequacy of laws and regulations that relate to Non- profit Organizations), provides the impetus for the NRA.
