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UK, Nigeria Deepen Financial Intelligence Cooperation To Combat Illicit Finance
UK, Nigeria Deepen Financial Intelligence Cooperation To Combat Illicit Finance
The UK and Nigeria have strengthened cooperation against illicit finance following high-level engagements involving the Nigerian Financial Intelligence Unit (NFIU) and key UK financial crime agencies.
Nigeria is developing the Joint Financial Intelligence Cooperation (JFIC), a public-private partnership designed to improve intelligence sharing and tackle money laundering, fraud and terrorism financing.
The engagement included discussions with the UK’s Joint Money Laundering Intelligence Taskforce (JMLIT), National Crime Agency and other institutions on cross-border financial crime, trade-based money laundering and operational cooperation.
November 10, () – The United Kingdom and Nigeria have strengthened cooperation against illicit finance following high-level engagements involving the Nigerian Financial Intelligence Unit (NFIU) and key UK financial crime agencies, as both countries seek to improve intelligence sharing and cross-border collaboration.
A major outcome of the engagements is Nigeria’s development of the Joint Financial Intelligence Cooperation (JFIC), a Nigerian-led public-private partnership designed to strengthen collaboration between government institutions and private-sector stakeholders in identifying and responding to financial crimes.
The Nigerian delegation, led by the Chief Executive Officer of the NFIU, Hafsat Bakari, included representatives of the Central Bank of Nigeria (CBN), the Nigeria Data Protection Commission (NDPC), the Nigerian Communications Commission (NCC), as well as stakeholders from the banking and telecommunications sectors.
During the visit to the UK, the delegation engaged with the Joint Money Laundering Intelligence Taskforce (JMLIT), a public-private partnership that brings together law enforcement agencies, regulators and financial institutions to identify and respond to illicit financial threats.
Working sessions with JMLIT and UK Finance focused on financial intelligence, information sharing and collaborative approaches to tackling illicit financial activities.
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The delegation also held discussions with the National Crime Agency (NCA), UK Financial Intelligence Unit (UKFIU), HM Revenue & Customs (HMRC), Foreign, Commonwealth & Development Office (FCDO) and HM Treasury.
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The discussions covered operational cooperation, trade-based money laundering, emerging illicit financial risks, the UK’s Financial Action Task Force (FATF) Presidency and opportunities for stronger international collaboration.
Chris Chalmers, Deputy Director, Illicit Finance and Anti-Corruption Department at the FCDO, said the partnership was important in addressing shared financial threats and global standards.
He said the FCDO would continue to work with Nigeria to operationalise JFIC.
Bakari said the increasing interconnectedness of illicit financial networks made international collaboration essential, adding that the initiative would enable public institutions and private-sector partners to work more effectively together.
She said the UK partnership offered opportunities to exchange expertise and develop practical solutions that would strengthen Nigeria’s financial system.
Marc Brown, NECC Fraud Threat Lead at the NCA, also reaffirmed the UK’s commitment to supporting Nigeria’s initiative through enhanced intelligence sharing and operational cooperation.
The two countries said they remained committed to strengthening financial intelligence cooperation and protecting the integrity of their financial systems through effective public-private partnerships.
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