Olukoyede Urges Commonwealth Nations to Emulate Nigeria’s Approach in Combating Financial Crimes
,April 9th 2025
The Executive Chairman of Nigeria’s Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has called on Commonwealth nations to take a page from Nigeria’s proactive reforms and collaborative approach in tackling corruption and financial crimes. Olukoyede made this call during the opening of the five-day Commonwealth Law Conference, which began on Monday in Malta. The conference, organized by the Commonwealth Lawyers Association (CLA), carries the theme: Combating Transnational Organised Crime in the Commonwealth: Opportunities and Challenges.
Speaking on the topic “Combating Financing of Terrorism and Proliferation Financing: Has FATF Enhanced Monitoring Made any Difference in Non-Compliant Countries?”, Olukoyede highlighted the significant role of the Financial Action Task Force’s (FATF) enhanced monitoring framework in promoting reform. While acknowledging the challenges that FATF’s framework presents, he emphasized that it offers a vital roadmap for reform, underscoring that Nigeria’s experience shows how monitoring can go beyond compliance, contributing to a resilient financial system capable of disrupting terrorism financing and proliferation activities.
Addressing delegates from across the Commonwealth, Olukoyede advised that while the FATF has reformed its criteria to relieve pressures on least-developed countries, Commonwealth nations should continue advocating for more consideration for Sub-Saharan African countries, which still account for a significant number of nations on FATF’s enhanced monitoring list.
Olukoyede also noted that Nigeria had largely addressed all its action items under the FATF’s enhanced monitoring process, except for those related to Immediate Outcome 8 (Confiscation). He stressed that other Commonwealth countries could learn valuable lessons from Nigeria’s experience, including the importance of high-level political commitment, proactive compliance, building enforcement capacity, leveraging technology, fostering public-private partnerships, and maintaining continuous international engagement.
The Commonwealth Law Conference, held biennially, is a prestigious gathering for senior justice leaders, academics, and practicing lawyers from across the 56 Commonwealth nations. The CLA aims to promote the rule of law by ensuring that the legal profession within the Commonwealth operates with the highest standards of ethics and integrity.
Among the notable speakers at the event were Juliet Ibekaku-Nwagwu, founder of the Africa Centre for Governance, Asset Recovery and Sustainable Development; Richard Salter KC, Barrister at 3 Verulam Building, London; and Loretta Joseph, Senior Policy Adviser and Consultant to the Commonwealth Secretariat on Virtual Asset Model Law.
