Nigeria Financial Intelligence Unit Deploys AI, Machine Learning To Speed Up Operations

The Nigeria Financial Intelligence Unit (NFIU) started using Artificial Intelligence (AI) and machine learning tools to help speed up its efforts in exiting the "grey list" of Financial Action Task Force (FATF).

The FATF grey list outlines the countries or jurisdictions that the FATF deems as 'jurisdictions under increased monitoring. ' These are countries that are actively working with the FATF to address the strategic deficiencies in their regimes to counter money laundering, terrorist financing and proliferation financing.

"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," NFIU CEO Hafsat Bakari said on Monday at the opening ceremony of the unit's 2024 Retreat in Abuja, Premium Times reported.

She added, "Indeed, the progress that we have made as a country have opened the path for us to becoming the second African member state of the Task Force in the near future after South Africa."

Bakari said that the unit will focus on improving international collaborations by working more closely with countries that are known for money laundering and terrorist financing threats, especially where Nigerian criminal groups have hurt the country's reputation.

She added that they will listen to stakeholders and partners at the retreat to gather feedback on how to improve their performance. This feedback will help them create a detailed five-year strategic plan, which they plan to share in the coming weeks. They have already identified several key goals to work on.

Furthermore, Bakari said they will work on strengthening their internal and external capacity. This includes the new NFIU Training Centre, which is planned to be a Regional Centre of Excellence for both public and private sector stakeholders across Africa.

She also noted that international partners and global agencies have already pledged their support for this project.

Attorney General of the Federation and Minister of Justice Lateef Fagbemi praised the unit's efforts to combat money laundering, terrorist financing, and proliferation financing. He emphasized that these efforts are crucial for removing Nigeria from the FATF's grey list, with the next review expected in May 2025.

Minister of Budget and National Planning Abubakar Bagudu also spoke during the event and praised the NFIU for its important role in fighting money laundering and terrorism financing, adding that to achieve the goals set in Agenda 2050, Nigeria will need to secure sufficient revenue to fund these objectives.