By Obas Esiedesa, Abuja
The Economic and Financial Crimes Commission (EFCC) has called for stronger collaboration among governments, regulators and civil society organisations across Africa to combat terrorist financing while protecting legitimate charitable organisations from unnecessary regulatory restrictions.
Speaking at the 3rd Africa High-Level Civil Society Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) Conference in Abuja, EFCC Chairman, Mr Olanipekun Olukoyede, said effective implementation of the Financial Action Task Force (FATF) Recommendation 8 requires targeted, risk-based measures rather than blanket regulation of non-profit organisations.
Olukoyede, who was represented by the Director of the Special Control Unit against Money Laundering (SCUML), Mr Harry Erin, said terrorist financing, violent extremism, transnational organised crime and illicit financial flows continue to threaten peace, democratic institutions and economic development across the continent.
He stressed that FATF Recommendation 8 does not seek to restrict the activities of all non-profit organisations but requires countries to identify those vulnerable to terrorist financing abuse while safeguarding the majority engaged in legitimate humanitarian and development work.
