SEC
and the Financial Action Task Force

The Nigerian Securities and Exchange Commission (SEC) shares a strategic alliance with the Financial Action Task Force (FATF), an intergovernmental body leading the global fight against money laundering, terrorist financing, and the financing of proliferation of weapons of mass destruction (WMD). This partnership forms a cornerstone of the SEC's efforts to uphold financial integrity and safeguard the Nigerian capital market.

FATF: Setting the Global Standard on Combating Financial Crime

Established in 1989, FATF boasts 39 member jurisdictions and a vast network of Associate and Regional Partner Countries. Its 40 Recommendations act as the international benchmark for combating financial crime, promoting consistent regulatory measures and effective cross-border cooperation.

Nigeria's Steadfast Commitment to FATF

Joining FATF in 2003, Nigeria acknowledged the vital role of international collaboration in curbing financial crime. The SEC, as the primary regulator of the Nigerian securities market, has been a fervent advocate for implementing FATF Recommendations within its regulatory framework.

Milestones in the SEC-FATF Partnership:

• 2003: Nigeria's official entry into FATF marks a significant commitment to combatting financial crime.
• 2007: The SEC establishes a dedicated Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) Unit, demonstrating its focus on addressing financial crime within the securities sector.
• 2016: Nigeria undergoes its Mutual Evaluation Assessment (MEA) by FATF, acknowledging progress and recommending areas for further improvement.
• 2023: The SEC actively participates in the FATF-Regional Centre for North Africa and West Africa (NARWAC) initiatives, fostering regional cooperation on AML/CFT within the West African sub-region.

The SEC-FATF Partnership in Action

This collaboration has borne significant fruits for the Nigerian financial system:

• Enhanced Market Integrity: Implementing FATF Recommendations strengthens corporate governance and market practices, deterring criminal activity and protecting investors.
• Financial System Resiliency: By implementing robust AML/CFT controls, the SEC helps safeguard the Nigerian financial system from infiltration by illicit funds.
• Cross-border Cooperation: Participation in FATF's global network facilitates information exchange and coordinated action against cross-border financial crime.

Looking Ahead: Continued Commitment to International Cooperation

The SEC remains steadfast in its commitment to upholding FATF standards and collaborating with international partners. This ongoing partnership paves the way for a more secure and transparent financial system in Nigeria, fostering investor confidence and promoting sustainable economic growth.

To delve deeper into FATF's work and its global impact, please visit the official FATF website:

Through its unwavering commitment to FATF, the SEC strives to create a financial landscape free from the taint of financial crime, safeguarding the prosperity of the Nigerian capital market and ensuring a brighter future for investors.