The Chairman, Economic and Financial Crimes Commission, Abdulrasheed Bawa, has said that non-profit organisations involved in alleviating the humanitarian crisis in the North-East are vulnerable to terrorist financing abuse.
Bawa stated that their activities, coupled with the absence of a unified comprehensive regulatory and supervisory framework for the sector in the country, remained a source of concern.
He said the situation had caused Nigeria to sustain a non-compliant rating in the eighth recommendation of the Financial Action Task Force.
Bawa spoke at the commencement of the non-profit organisation National Risk Assessment in Nigeria by the Special Control Unit against Money Laundering at the EFCC headquarters, Abuja, on Monday.
He said, “As you are all aware, the Financial Action Task Force requires countries to identify, assess, and understand the money laundering and terrorist financing risks inherent in their systems for an efficient allocation of resources to address the identified threats and vulnerabilities.
“The crisis in the civic space has only resulted in the proliferation of non-profit organisations, especially in the North East where the country is most challenged with the colossal humanitarian crisis created by the Boko Haram insurgency.
“The continued and increasing exposure of their activities coupled with the absence of a unified comprehensive regulatory and supervisory framework for the sector in the country remained a source of concern for the authorities.”