THE ROLE OF THE NTERGOVERNMENTAL ACTION GROUP (GIABA) IN COMBATING MONEY LAUNDERING AND TERRORISM FINANCING IN NIGERIA, 2015-2024

The Inter-Governmental Action Group against Money Laundering in West Africa (GIABA), was the creation of the Financial Action Task Force (FATF) to combat money laundering and terrorism financing, FATF, was founded by G7 countries in 1989, it focuses on creating policies and standards to curb illicit financial activities globally. GIABA, as FATF-Style regional Body (FSRB) aims to uphold these objectives at a regional level among its 16 member states. The organization addresses the challenges of money laundering and terrorism financing, especially in Nigeria which is our focal point in this article, Nigeria further implemented measures such as forming the Nigeria Financial Intelligence Unit (NFIU) to enhance its anti-money laundering (AML) and counter-terrorist financing (CFT) initiatives. This article, critically underscores the above-mentioned gaps, through in-depth analysis of interviews conducted on the focused group and purposive sampling of participants based on the predefined criteria and inclusion of individuals, policy makers and institutions such as, GIABA’S Country Reps, Special Control Unit Against Money Laundering (SCUML) operatives, Nigerian Financial Intelligence Unit, United Nations Office on Drugs and Crime, Central Bank of Nigeria, Scholars across the region and Zenith Bank officials. Using Institutional Theory, the article indicates that GIABA has succeeded to a reasonable extent through enhancing relevant policies, collaborations and legal frameworks. However, there is need for timely evaluation and strong legal system and political will to make existing policies more viable in order to deter criminals from exploiting the system. Finally, the article recommends increased Nigeria’s vigilance on its unique challenges, that includes porous border, financial sector leakages and other economic vulnerabilities such as money laundering and terrorism financing, illicit financial flows be given priority attention as they threatened socio-economic development and overall security of the nation.