NFIU to deploy AI for improved operations

The Nigerian Financial Intelligence Unit on Monday disclosed plans to deploy Artificial intelligence and machine learning tools to assist in its operations.

This is as the agency said that it had deployed the Crimes Records Information Management System across the states of the federation to support information sharing through a secured and encrypted tool.

The Chief Executive Officer of NFIU, Hafsat Bakari, disclosed this at the agency’s management retreat in Abuja.

She said, “The NFIU has also strengthened its technology platforms with the planned
deployment of Artificial Intelligence and Machine Learning tools to assist us
in our operational duties in the analysis of information and data to fast track our processes.

“The unit is already in conformity to the Federal Government policy of a paperless working office environment.

“Additionally, the Crimes Records Information Management System has been deployed to more competent authorities and states of the federation to further support information sharing through a secured and encrypted tool.”

She also said the NFIU has strengthened its international partnership to tackle terrorism financing among others.

Bakari said, “Furthermore, recognising that our remit extends beyond the borders of
Nigeria and also that the nature of serious crime is trans-national, and the
proceeds of crime knows no borders or boundaries, we have strengthened our
international partnerships.

“Apart from being the permanent secretariat for the west African forum of FIUs covering the 17 member states in Africa, we have taken a lead role in re-invigorating the Lake Chad and Sahel network of FIUs which are cooperating to tackle terrorism financing.

“We will focus our international collaborations by increasing cooperation
with jurisdictions that pose specific money laundering and terrorist financing
threats to our country, particularly countries where organised criminal groups,
ostensibly of Nigerian origin, have damaged our country’s reputation.”

She also expressed confidence that the country would exit the Financial Action Task Force greylist.

Bakari said, “At a global level, we continue to lead Nigeria’s efforts to exit the Financial Action Task Force list of jurisdictions under monitoring, the so-called “greylist”.

“While we still have some remaining steps to take, I am confident that with your support, we will complete all the required steps within the next few months. Indeed, the progress that we have made as a country has opened the path for us to becoming the second African member state of the Task Force in the near future after South Africa.”

The Attorney General of the Federation, Lateef Fagbemi, commended NFIU’s efforts, noting that its work is crucial to Nigeria’s exit from the FATF grey list.

“The efforts of the unit will remain key in removing Nigeria from the Financial Action Task Force grey list, which will be due in May 2025,” he said.

Also speaking, Chairman of the National Drug Law Enforcement Agency, Brig. Gen. Buba Marwa (retd), lauded the NFIU’s prompt responses to information requests, which have led to significant recoveries and convictions.

“The NFIU’s prompt responses to information requests have led to significant recoveries of hotels, property, and bank accounts, as well as several convictions,” Marwa noted.

Deputy Governor, Central Bank of Nigeria, Muhammad Abdullahi, emphasised the importance of financial intelligence in safeguarding the country’s financial system and pledged the CBN’s support for the NFIU’s efforts.

Sani said, “The importance of financial intelligence cannot be overstated in safeguarding our vulnerable financial system, which necessitates robust AML/CFT controls.

“We must recommit to the country’s development, stay ahead of emerging threats, and embark on this retreat with a shared vision for a sound financial future.”