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THE INTER-MINISTERIAL COMMITTEE ON ANTI-MONEY LAUNDERING, COUNTER FINANCING OF TERRORISM AND PROLIFERATION PUBLISHES NATIONAL INHERENT RISK ASSESSMENT REPORTS FOR MONEY LAUNDERING, TERRORIST FINANCING, PROLIFERATION FINANCING, LEGAL PERSONS & LEGAL ARRANGEMENTS, AND THE EXTRACTIVE SECTOR IN NIGERIA

The Inter-Ministerial Committee (IMC) on Anti-Money Laundering/Counter Financing of Terrorism & Proliferation (AML/CFT/P) have issued the 2022 National Inherent Risk Assessment (NIRA) reports on Money Laundering, Terrorist Financing, Proliferation Financing, Legal Persons & Legal Arrangements and Money Laundering & Terrorist Financing in the Extractive Sector.

The reports identify the inherent threats, vulnerabilities and risks at both National & Sectoral levels as they manifest in the country. Nigeria last conducted a risk assessment in 2016, and this would be the second risk assessment conducted by the country.

Following Nigeria’s second round of Mutual Evaluation in 2019 and the subsequent release of the report in August 2021, assessors determined that Nigeria had deficiencies that needed to be addressed and made recommendations amongst which is an update of the National Risk Assessment (NRA) to cover the extractive sector, internet casinos, use of legal persons & legal arrangements, better understanding of how corruption manifests, distinct financing methodologies by terrorist groups amongst others..

The NIRA reports are critical for public and private sector organisations in their understanding of the various threat and vulnerabilities that exist in the financial and designated non-financial businesses and professions environment with a view for the development of necessary strategies to mitigate their risks..

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