The Nigerian Senate has taken a significant step towards strengthening the country’s anti-money laundering and counter-financing of terrorism (AML/CFT) regime with the introduction of a bill to establish the Chartered Compliance Institute of Nigeria. The bill, sponsored by Senator Barinada Mpigi, Rivers South East Senatorial District, aims to regulate the compliance profession and promote best practice standards in the industry.
In his lead debate, Senator Mpigi emphasized the crucial role compliance officers play in ensuring that financial institutions and other sectors comply with AML/CFT regulations. He noted that the institute will promote professionalism and strict adherence to regulatory standards, helping to lift Nigeria out of the Financial Action Task Force’s grey list and attract foreign investment.
The bill has been commended by anti-graft advocates, who believe it will demonstrate Nigeria’s commitment to fighting corruption and money laundering. The Senate’s move is seen as a significant step towards developing a robust AML/CFT regime and enhancing Nigeria’s image in the global community.
