ANTI-MONEY LAUNDERING/COMBATING FINANCING OF TERRORISM (AML/CFT)
IoDCCG offer services in Anti-Money Laundering/Combating Financing of Terrorism (AML/CFT) Programme to Financial institutions and other vulnerable organisations. According to research, several countries are becoming vulnerable to the risks of money laundering and its contagious effects. The International Monetary Fund (IMF) reported that the scale of money laundering globally is around 2% and 5% of World Gross Domestic Product at the very lowest.
Specially, it is said that the African region and indeed most of the developing countries are vulnerable to money laundering and terrorist financing particularly because of their cash-based and open economies, this is further aggravated by the porous and weak controls at the borders.
Combating money laundering and terrorist financing in these economies is further complicated by weak or ineffective regulation of financing institutions, lack of comprehensive legal framework, weak law enforcement agencies and poor coordination and collaboration between law enforcement agencies and financing regulatory bodies.
The services include;
- AML/CFT technical Assistance to Designated Financing and Non- Financial Businesses and Professionals
- AML/CFT Training across vulnerable sectors in public and private sector organisations
- AML/CFT External Audit Services for Nigeria Banks and Non-Bank Financial Services