Key stakeholders from Nigeria’s banking sector, civil society, academia, and regulatory bodies convened today at a conference focused on enhancing Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) measures for non-profit entities.
Hosted by Spaces for Change | S4C and supported by the Fund for Global Human Rights, the event emphasized collaboration between financial institutions and non-profits to address challenges while ensuring the vitality of non-profit activities.
The conference, held in Nigeria, served as a platform for dialogue and collaboration among representatives from various sectors. In his opening address, a spokesperson for Spaces for Change | S4C underscored the importance of unity in advancing Nigeria’s economic and social development agenda. The conference aimed to tackle the complex issues surrounding terrorism financing while safeguarding the essential work carried out by non-profit organizations across the nation.
Attendees engaged in discussions centered on research conducted by Spaces for Change | S4C, exploring the impact of counter-terrorism legislation on human rights and civic freedoms. Additionally, participants delved into the alignment of national security measures with international financial regulations, with a particular focus on FATF’s Recommendation 8.
Acknowledging the efforts of the Special Control Unit against Money Laundering in understanding terrorist financing risks, stakeholders emphasized the need for a balanced approach to AML/CFT implementation. Stringent compliance measures, while crucial, were recognized as potentially inhibiting non-profit initiatives and limiting support delivery to vulnerable communities.
Despite these challenges, the conference sought to promote collaboration and precision in AML/CFT implementation. Participants envisioned a future where banks and civil society organizations work together, valuing every voice and fostering mutual respect. The event concluded with a call to action, urging stakeholders to join efforts in creating an environment where non-profits can thrive while effectively combating illicit financial activities.
In closing, attendees echoed the sentiment that now is the opportune moment to prioritize the needs of non-profits, financial institutions, and the communities they serve. The conference served as a beacon of hope, illustrating the potential for collective prosperity through collaborative endeavors and shared commitment to combatting financial crime.
