The EFCC chairman, who noted this at the flag-off of the non-profit organization National Risk Assessment in Nigeria by the Special Control Unit against Money Laundering at the EFCC headquarters, Abuja, said the continued and increasing exposure of their activities coupled with the absence of a unified comprehensive regulatory and supervisory framework for the sector in the country remained a source of concern.

Bawa also said the situation had caused Nigeria to sustain a non-compliant rating in the Financial Action Task Force recommendation 8, which requires countries to review the adequacy of their laws and regulations that relate to non-profit organizations.

      According to Bawa,  “As you are all aware, the Financial Action Task Force continues to identify, assess, and understand the money laundering and terrorist financing risks inherent in their systems for an efficient allocation of resources to address the identified threats and vulnerabilities. “The crisis in the civic space has only resulted in the proliferation of non-profit organizations, especially in the North-East where the country is most challenged with the colossal humanitarian crisis created by the Boko Haram insurgency. “The continued and increasing exposure of their activities coupled with the absence of a unified comprehensive regulatory and supervisory framework for the sector in the country remained a source of concern for the authorities.

     “Even more recently was Nigeria’s performance in the last round of the Mutual Evaluation Exercise where the country sustained a non-compliant rating in FATF Recommendation 8. “The recommendation requires countries to review the adequacy of their laws and regulations that relate to non-profit organizations, which the country has identified as being vulnerable to terrorist financing abuse.” The director of the Nigeria Network of NGOs in Nigeria, Oluseyi Oyebisi, said the risk assessment program was coming at a significant time and hailed the initiative.