THE Inter-Governmental Action Group against Money Laundering in West Africa, established by the Economic Community of West African States, says Boko Haram splinter group, Islamic State West Africa Province, moved about N18bn ($36m) generated from trading and taxing communities in the Lake Chad region through the Nigerian financial system annually.

The group, set up by ECOWAS Authority of Heads of State and Government in 2000, stated that both Boko Haram and ISWAP had continued to mobilise, move and utilise funds through the nation’s formal financial and commercial system.

It noted that the government lacked adequate insight into Boko Haram and ISWAP international linkages and abuse of the formal financial and commercial sectors.

It said even though the Department of State Services had significant ability to identify and investigate terrorist financing activity, and that it even conducts parallel financial and terrorism investigation, there was little evidence of the effectiveness of such efforts.

The group, known as GIABA, stated these in its 2021 Mutual Evaluation Report, where it also noted that Nigeria lacked an explicit policy to confiscate proceeds of crime or property of equivalent value, including terrorism financing.

It also said the Nigerian government, led by the President, Major General Muhammadu Buhari (retd.), failed to confiscate the assets of terrorists as stipulated in the global anti-money laundering and counter-terrorist financing standards.

Nigeria has been battling Boko Haram insurgency for about 12 years, during which thousands have been killed, including civilians and soldiers; several persons, including schoolchildren and women, were kidnapped with many still in captivity while millions have been displaced.
Meanwhile, the GIABA report was adopted by the global financial intelligence agency, Financial Action Task Force, whose recommendations help authorities to go after the money of criminals dealing in illegal drugs, human trafficking and other crimes.

The report stated, “Boko Haram/ISWAP pose significant TF (Terrorist Financing) risks that are challenging to disrupt, operating in large part outside the formal financial and commercial system in the conflict zone.

“In these areas, Boko Haram and ISWAP are mainly able to “live off the land” through a variety of means, including kidnapping for ransom, extortion and taxation, raiding and controlling commercial activity.

“As with other forms of illicit financial activity, the pervasive use of cash enables these groups’ funding. A study estimated ISWAP’s revenues, deemed larger than Boko Haram’s, at up to USD$36m annually, much of it from trading activity and taxation in the Lake Chad region.

“According to Nigerian authorities, both groups have also continued to mobilise, move and utilise funds through the formal financial and commercial system as well, accounting for a relatively small portion of TF activity. These groups also engage in international trafficking activities and as sworn adherents to the Islamic State, also have links with other regional and global terrorist networks.

“The authorities believe that any external support from ISIS Core may account for a small portion of ISWAP’s overall revenues. However, trade with broader criminal networks that could extend to regional jihadist organisations appears to generate significant income for both Boko Haram and ISWAP.”

The Financial Action Task Force assessment noted that the Nigerian authorities did not prioritise terrorism financing investigations, as there were only a few terrorist financing prosecutions and convictions, which do not reflect the country’s risk profile in terrorist financing.
Notably, no individual, body or corporation has been convicted in Nigeria for funding terrorism since the insurgency started in 2009.

The Task Force said in the assessment, “Nigeria has a significant but incomplete understanding of its TF (terrorist financing) threats and risks. It lacks adequate insight into Boko/ISWAP’s international linkages and abuse of the formal financial and commercial sector. The authorities do not prioritise TF investigations, as there are only a few TF prosecutions and convictions which do not reflect Nigeria’s TF risk profile.

“The Department of State Services, Nigeria’s lead counter-terrorism agency, has significant ability to identify and investigate TF activity. It conducts parallel financial investigations in conjunction with terrorism investigations. However, there is little evidence of the effectiveness of such efforts.

“The content of TF-related Suspicious Transactions Reports submitted to the NFIU (Nigerian Financial Intelligence Unit) has not been of demonstrable value, appearing to add little to Nigeria’s CFT (Combating the Financing of Terrorism) efforts. The agency maintained that Nigeria did not demonstrate effective legal and operational frameworks for seeking international cooperation, including for the recovery and repatriation of assets.

“Nigeria did not demonstrate that it prioritises and provides constructive information or assistance, including adequate, accurate and current basic and beneficial owner information of legal persons promptly.”

It noted that the nation recently enacted the Mutual Legal Assistance in Criminal Matters Act, 2019 to streamline processes for mutual legal assistance

The financial task force observed that the larger commercial banks and those affiliated with international groups have a good understanding of money laundering and terrorism financing risks.

“The Federal Bureau of Investigation, Central Intelligence Agency and others coordinate; they exchange intelligence and that is why they could track down Osama bin Laden. Here, the DSS wants to receive public applause, the police, the same thing; the ICPC is not cooperating with the EFCC. These are the problems we are having. Until they collaborate, the situation will not change.” ,,

Copyright PUNCH.

Even fellow ECOWAS countries are tired...what exactly is going on!

Our darling is working day and night to destroy this country beyond repair

Fake news

Nasco things

With the help of that nonsense they called non-interest banking.

And the backing of that closet terrorist country full of imbeciles called saudi

Their Patron, the lifeless terrorist hiding inside the Rock helps them to facilitate that.

Following

Islam have finished this corn tree

The same Iswap that would use bank account linked bvn and nin to kidnap and collect ransom

Our institutions are very weak in Nigeria that anything can happen, I remember when an ISIS terrorist tried to come to Nigeria

..in a nutshell, Nigeria is indirectly helping ISWAP, Boko haram and other terrorist organizations to thrive through her financial institutions.

If they wanted to stop the bokoharam iswap terrorists, they know how to do it in less than a month. But they are the ones sponsoring them...so why will they stop the flow of their money?

If it was to track senators sponsoring Igboho and IPOB...they will not waste anytime.


I'm glad the world can see that Terrorists are in the helm of affairs in Nigeria.

Buhari is a terrible Terrorist

The people funding ISWAP terrorists and IPOB terrorists should be identified and eliminated first, then followed by the elimination and destruction of the terrorists.

Buhari is not sincere in his fight against terrorism. He is treating it with kids gloves especially in the north because they are his fellow muslims. If Northerners want the carnage in the north to be stopped, they had better vote for an Igbo man as the next president to deal decisively with those terrorists or the whole north may become a refugee camp in the next decade or so.

The truth is that Muslims leader can't fight Terrorists .

As Long as there is Islam , terrorism will never end , that's the Truth we all know . Have you ever asked yourself "What are terrorists fighting to Achieve?



You get the point now??


That's just it!!

I'm not surprised...


Things is seriously getting bad in this country.

Kòní da fun Búhárí

Hangmnk:
Fake news

Exactly my mind.
Let's all wait for the White paper report from our darling daddy and his "miss information " lying machine.

How much is IPOB the terrorist group operating in the South East moving?

I am not surprised. It is well known fact that Nigerian government sponsors terrorism so why will they want to confiscate the money belonging to these terrorists?

AntiBMC:
If they wanted to stop the bokoharam iswap terrorists, they know how to do it in less than a month. But they are the ones sponsoring them...so why will they stop the flow of their money?

If it was to track senators sponsoring Igboho and IPOB...they will not waste anytime.


I'm glad the world can see that Terrorists are in the helm of affairs in Nigeria.

My point precisely

Terrorists financers that their collaborators were jailed in uae, the ones in nigeria re in asorock dinning with buhari

The CBN, NIA, DSS, Malami and his BH terrorists brethren refused to detect or keep track of all these illegal financial transactions as well of those of their UAE based BH sponsors but are keeping track of #EndSARS protesters, Sunday Igboho.

ECOWAS says Boko Haram splinter group, ISWAP moved about N18bn ($36m) generated from trading & taxing communities in the Lake Chad region through the Nigerian financial system annually.

Mee:

It is important to note that the genocidal Buhari regime froze the Bank accounts of some #EndSARS Activists for more than three months. This same regime can not freeze the Bank accounts of BokoHaram, ISIS and their sponsors.

Inference:

The Buhari gang of bloodthirsty killers and monumental is the biggest terrorist Organization in Nigeria, worst than BokoHaram and ISIS.

#ElbinawiTweets

May God save us!!

AntiBMC:
But they are the ones sponsoring them.So why will they stop the flow of their money? If it was to track senators sponsoring Igboho & IPOB, they will not waste any time........

So annoying and nauseating sir.UAE confirmed some northerners BH terrorist sponsors who have Nigerian collaborators.However, Malami & the cabal are only obsessed with sponsors of Sunday Igboho, NK.What a nation.

[s]

Racoon:
So annoying and nauseating sir.UAE confirmed some northerners BH terrorist sponsors who have Nigerian collaborators.However, Malami & the cabal are only obsessed with sponsors of Sunday Igboho, NK.What a nation.

[/s]

An average southern bigot is a sad human who should be pitied. Your useless GEJ who guaranteed you free crumbs did not stop it if it was that easy and kill BH in its tracks? We sensible statement.

The financial system is largely dominated by southerners, meaning your southern elites are part and parcel of the system that seeks to destabilise the country using terrorism.

FG should enact laws that also penalise Banks for the illicit money flow. They wi sit up once they loose a bank or two!

[s]

vedaxcool:
..The financial system is largely dominated by southerners, meaning your southern elites are part and parcel of the system that seeks to destabilise the country using terrorism.

FG should enact laws that also penalise Banks for the illicit money flow. They wi sit up once they loose a bank or two!

[/s]ECOWAS is talking about illicit financial cash flow for terrorism which many northerners are the most culpribable.They UAE govt identified, arrest, prosecuted &Jailed them.Meanwhile, the terrorists laden Nigerian government under Buhari is shielding their home based collaborators. What a pathetic country.

"The letter chronicles numerous terrorist activities that establishes the culpability of the Nigerian govt and her officials.  Some of those acts include providing funds to terrorists and terrorist organizations; providing material support including weapons and equipment to terrorists, actively and expressly encouraging and inciting terrorist activities. 

The United Arab Emirates on Monday designated six nigerians as financiers of BH & other criminal activities. Abdurrahaman Ado Musa, Salihu Yusuf Adamu, Bashir Ali Yusuf, Muhammed Ibrahim Isa, Ibrahim Ali Alhassan and Surajo Abubakar Muhammad were the six nigerians placed on the Middle-East giant’s watch list.

The decision came about a year after the nigerians were indicted for sponsoring Boko Haram.The government official has yet to be publicly identified by the Emirati authorities, amidst claims that some elements in the Nigerian government were mounting diplomatic pressure not to publish the name...."
https://gazettengr.com/just-in-uae-designates-six-nigerians-as-global-financiers-of-terrorism/?utm_source=ReviveOldPost&utm_medium=social&utm_campaign=ReviveOldPost

Even with BVN, NIN, and others

[s]

Racoon:

ECOWAS is talking about illicit financial cash flow for terrorism which many norther-ners are the most culpribable.They were identified, prosecuted & jailed in the UAE. Meanwhile, the terrorists laden Nigerian government under Buhari is shielding their home based collaborators.What a pathetic country.

"The letter chronicles numerous terrorist activities that establishes the culpability of the Nigerian govt and her officials.  Some of those acts include providing funds to terrorists and terrorist organizations; providing material support including weapons and equipment to terrorists, actively and expressly encouraging and inciting terrorist activities. 

The United Arab Emirates on Monday designated six nigerians as financiers of BH & other criminal activities. Abdurrahaman Ado Musa, Salihu Yusuf Adamu, Bashir Ali Yusuf, Muhammed Ibrahim Isa, Ibrahim Ali Alhassan and Surajo Abubakar Muhammad were the six nigerians placed on the Middle-East giant’s watch list.

The decision came about a year after the nigerians were indicted for sponsoring Boko Haram.The government official has yet to be publicly identified by the Emirati authorities, amidst claims that some elements in the Nigerian government were mounting diplomatic pressure not to publish the name...."
https://gazettengr.com/just-in-uae-designates-six-nigerians-as-global-financiers-of-terrorism/?utm_source=ReviveOldPost&utm_medium=social&utm_campaign=ReviveOldPost

[/s]

Piss Gazette news is what you are quoting which is besides the point. I ask if it was that simple why didn't GEJ stop it? Why does th the southern dominated system continue to funnel terrorism money?

How possible