By Omoyeni Ojeifo
Terrorism financing, illicit financial flows and transnational organised crime are undermining Africa’s economic growth, weakening democratic institutions and diverting scarce resources from development priorities, Nigeria’s Economic and Financial Crimes Commission (EFCC) has warned.
Speaking on behalf of EFCC Chairman Ola Olukoyede, the Director of the Special Control Unit against Money Laundering (SCUML), Mr. Harry Erin, issued the warning on Tuesday in Abuja.
He was delivering the opening address at the 3rd Africa High-Level Civil Society Conference on Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT).
Persecondnews correspondent covering the event reports that the conference, hosted by Spaces for Change (S4C), focused on the theme: “Implementing FATF Recommendation 8 Correctly: Practices, Lessons Learned and Opportunities for Reforms.”
The event gathered key stakeholders from across Africa, including regulators, financial intelligence units, civil society organizations, and development partners
Erin said Africa continues to face growing threats from terrorist financiers, violent extremists, organised criminal networks and illicit financial flows, warning that the impact extends beyond security to economic development.
“Across Africa, we continue to confront a growing threat posed by terrorist financiers, violent extremists, transnational organised crime and illicit financial flows”.
“These threats undermine peace, weaken democratic institutions, discourage investments and divert scarce resources away from development priorities.”
He noted that effective response requires more than strong laws, stressing that governments, regulators and civil society must work together to tackle the evolving threats.
“Responding effectively requires not only robust legal and institutional frameworks but also strong partnerships built on trust, dialogue and shared responsibilities.”
The SCUML director said the Financial Action Task Force (FATF) does not require countries to treat all non-profit organisations as terrorism financing risks, but to identify only those genuinely vulnerable to abuse.
“Recommendation 8 is not about regulating or restricting all non-profit organisations. Rather, it calls on countries to identify the subset of organisations that may be vulnerable to terrorist financing abuse and apply proportionate and risk-based measures.”
Erin said Nigeria’s national terrorism financing risk assessment has helped authorities move away from broad assumptions by identifying genuine vulnerabilities while protecting legitimate humanitarian organisations from unnecessary regulatory burdens.
“The assessment has enabled Nigeria to move beyond broad assumptions and towards a more targeted understanding of terrorist financing vulnerabilities while ensuring that the overwhelming majority of legitimate non-profit organisations can continue their vital work without unnecessary regulatory burdens.”
He said Nigeria’s experience demonstrates that compliance with international standards should strengthen institutions, improve transparency and build public confidence rather than merely satisfy regulatory requirements.
“Compliance with international standards should never be viewed as an end in itself. Rather, compliance should translate into stronger institutions, greater transparency, enhanced public confidence and more effective protection of our citizens from the threats posed by terrorists and terrorist financiers, ” he stressed.
Erin urged African countries preparing for fresh mutual evaluations to learn from one another and develop practical, context-specific approaches that reflect the continent’s realities while remaining aligned with international standards.
“The lessons we share here can help shape more effective, context-specific approaches that reflect Africa’s realities while remaining fully aligned with international standards.”
He reaffirmed the EFCC’s commitment to working with governments, regulators, civil society organisations and international partners to strengthen Nigeria’s anti-money laundering and counter-terrorism financing framework while protecting the integrity of Africa’s financial system.
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