Lagos - The Inter-Governmental Action against Money Laundering in West Africa (GIABA) on Thursday sought collaboration of the Nigerian Stock Exchange(NSE) in its fight against money laundering and terror financing.
GIABA is a specialised arm of ECOWAS, responsible for strengthening the capacity of ECOWAS members toward the prevention and control of money laundering and terror financing in the West African sub-region.
The Head of GIABA in Nigeria, Timothy Melaye, made the appeal when officials of the group visited the NSE headquarters in Lagos.
Melaye said there was urgent need for collaboration between NSE and GIABA in fighting the terror scourge.
“GIABA strongly believes that the NSE as a major capital market regulator has an important role to play in tracking terror financiers in this country.
“The capital market should, therefore, not be used as platform for terror financing and money laundering.
“The capital market should be on guard against politically exposed persons and suspicious transactions,’’ he said.
He said that it was imperative for both organisations to work closely in the fight against terror financing.
Melaye also told the NSE not to allow its floor to be used for transactions that would eventually lead to destruction of lives in Nigeria and other West African countries.
He expressed his organisation’s willingness to build mutual relationship with the NSE as well as provide it with the needed technical assistance for tracking suspicious funds.
Tinuade Awe, NSE’s Head of Legal and Regulation Unit, commended GIABA for its effort so far in tracking terror-backed funds in Nigeria and other ECOWAS countries.
She said that the NSE remained committed in partnering with GIABA on information sharing, compliance, capacity building and monitoring of stock prices across the trading floors.
Awe said that the capital market had recently introduced compliance, surveillance and whistle-blowing measures, aimed at monitoring suspicious transactions.
She said that the management would continue to enlighten operators on the dangers of engaging in terror financing.
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