Conference for Banks and Non-Profit Organizations

The Special Control Unit against Money Laundering (SCUML) has conducted a terrorist-financing risk assessment (TFRA) of non-profit organizations (NPOs) in Nigeria, in line with Financial Action Task Force (FATF) Recommendation 8. The TFRA identified ten categories of Non-Profit organizations that meets the definition of NPOs as set by the Financial Action Task Force (FATF) NPOs. The TFRA also identified the subsets of NPOs—with certain features, types, activities, and characteristics— that have higher vulnerability to Terrorism financing (TF) abuse.

The assessment further underscores the need for measures that must be risk-based and proportionate, and not disrupt legitimate charitable activities. As with all countries in the world, banks and other financial institutions(BOFIs) are major stakeholders in the fight against money laundering and terrorism financing as they serve as gateways to the
financial sector for NPOs who .Many NPOs faces limited access to banking services when working in conflict /insurgent regions translating to low access to conventional financial services.

To this end, SCUML in collaboration with Spaces4change-our technical partner for the TFRA organized a one day conference for commercial banks, Fintechs, and other financial institutions to become aware of the findings of the Terrorism Financing Risk Assessment of the NPO Sector conducted by SCUML, and the risk profiles of the different categories of NPOs.

The workshop held on 8 the February, 2024 at Four Points Hotel, Victoria Island,Lagos. The project’s overarching goal is to improve understanding of banking regulations—especially anti-money laundering and countering the financing of terrorism (AML/CFT) measures—applicable to charitable entities in Nigeria, towards enhancing the regulatory compliance culture
in the non-profit sector. 

The conference had in attendance government agencies(SCUML, Nigerian Financial Intelligence Unit, Corporate Affairs Commission, Central Bank of Nigeria),Compliance Institute of Nigeria, Non Profit Organizations, commercial banks and donor community.

Pictures from the Programme.