The United Kingdom and Nigeria have strengthened their cooperation in tackling money laundering, fraud, terrorism financing and other forms of illicit financial activity following a series of high-level engagements in the UK.
The renewed commitment focuses on improving financial intelligence sharing, strengthening collaboration between public and private institutions, and enhancing cross-border efforts to identify and disrupt financial crime networks.
The Nigerian delegation was led by the Chief Executive Officer of the Nigerian Financial Intelligence Unit (NFIU), Hafsat Bakari, and included representatives of the Central Bank of Nigeria (CBN), the Nigeria Data Protection Commission (NDPC), the Nigerian Communications Commission (NCC), as well as stakeholders from the banking and telecommunications sectors.
A major highlight of the visit was the delegation’s engagement with the United Kingdom’s Joint Money Laundering Intelligence Taskforce (JMLIT), a public-private partnership that brings together law enforcement agencies, regulators and financial institutions to identify and respond to financial crime threats.
The discussions, which also involved UK Finance, provided an opportunity for both countries to exchange expertise on financial intelligence, information sharing and coordinated approaches to combating illicit financial activities.
The engagements are expected to support Nigeria’s proposed Joint Financial Intelligence Cooperation (JFIC), a Nigerian-led initiative designed to improve collaboration between government agencies and private-sector organisations.
The initiative aims to strengthen the detection and investigation of suspicious financial activities, including money laundering, fraud and terrorism financing, through improved intelligence sharing, effective governance and technology-driven cooperation.
During the visit, the Nigerian delegation also held discussions with senior officials of the UK’s National Crime Agency (NCA), UK Financial Intelligence Unit (UKFIU), HM Revenue and Customs (HMRC), Foreign, Commonwealth and Development Office (FCDO), and HM Treasury.
The meetings covered operational cooperation, trade-based money laundering, emerging financial threats, international standards and opportunities to strengthen collaboration between the two countries.
Speaking on the partnership, Chris Chalmers, Deputy Director of the Illicit Finance and Anti-Corruption Department at the FCDO, said illicit finance undermines the economies of both countries and supports criminal networks operating across international borders.
He said the recent engagements had helped consolidate cooperation on shared threats and global standards, particularly in developing effective public-private partnerships.
Chalmers reaffirmed the FCDO’s commitment to supporting Nigeria in establishing the proposed financial intelligence cooperation framework.
On her part, Bakari said the increasingly interconnected nature of illicit financial networks made international collaboration essential to tackling financial crime.
She explained that Nigeria was strengthening its financial intelligence architecture through initiatives such as JFIC, which would enable government institutions and private-sector partners to work more effectively together.
According to her, the partnership with the UK would provide opportunities to exchange expertise, develop practical solutions and strengthen Nigeria’s financial system.
Also speaking, Marc Brown, Fraud Threat Lead at the NCA’s National Economic Crime Centre (NECC), said the partnership between the NECC and NFIU reflected a shared commitment to protecting economic prosperity through stronger responses to financial crime.
He said the UK would continue to support Nigeria’s efforts to develop the proposed initiative through improved intelligence sharing and operational cooperation.
The renewed engagement builds on the broader UK-Nigeria Strategic Partnership, which provides a framework for cooperation on economic growth, security, migration, justice and other areas of mutual interest.
Both countries have reiterated their commitment to strengthening financial intelligence systems and working with relevant public and private institutions to prevent and disrupt illicit financial activities.
