The United Kingdom and Nigeria have strengthened cooperation against illicit finance
following high-level engagements in the UK focused on financial intelligence, public-private partnerships and cross-border collaboration.
The Nigerian delegation, led by Hafsat Bakari, Chief Executive Officer of the Nigerian Financial Intelligence Unit (NFIU), comprised representatives of the Central Bank of Nigeria (CBN), Nigeria Data Protection Commission (NDPC), Nigerian Communications Commission (NCC), and stakeholders from the banking and telecommunications sectors.
A major highlight was the engagement with the UK’s Joint Money Laundering Intelligence Taskforce (JMLIT), an innovative public-private partnership that brings together law enforcement agencies, regulators and private-sector institutions to identify and respond to illicit financial threats.
Working sessions with JMLIT and UK Finance provided opportunities to exchange expertise on financial intelligence, information sharing and collaborative approaches to tackling illicit financial activities.
The discussions also supported Nigeria’s efforts to establish the Joint Financial Intelligence Cooperation (JFIC), a Nigerian-led public-private partnership designed to strengthen collaboration between government institutions and private-sector stakeholders.
Anchored on trust, governance and technology-enabled cooperation, JFIC seeks to improve the collective capacity to identify and respond to money laundering, fraud, terrorism financing and other illicit financial activities.
During the visit, the delegation also held engagements with senior representatives of the National Crime Agency (NCA), UK Financial Intelligence Unit (UKFIU), HM Revenue & Customs (HMRC), Foreign, Commonwealth & Development Office (FCDO) and HM Treasury. Discussions covered operational cooperation, the UK’s Financial Action Task Force (FATF) Presidency, trade-based money laundering, evolving illicit financial risks and opportunities for stronger international collaboration.
Chris Chalmers, Deputy Director, Illicit Finance and Anti-Corruption Department, FCDO, said: “Nigeria and the UK have a deep and long-standing partnership in working together to address illicit financial flows. Illicit Finance harms both of our economies and enables the work of malicious transnational actors. Engagements last week helped us consolidate our cooperation on a range of shared threats and global standards, including on public private partnerships. The FCDO will continue to partner with Nigeria to operationalise the Joint Financial Intelligence Collaboration.”
Hafsat Bakari, Chief Executive Officer, Nigerian Financial Intelligence Unit, said: “llicit financial networks are increasingly interconnected and transnational, making collaboration not merely desirable but essential. Nigeria is strengthening its financial intelligence architecture through initiatives such as JFIC, which will enable public
institutions and private-sector partners to work more effectively together.
Our partnership with the United Kingdom provides valuable opportunities to exchange expertise and develop practical solutions that reflect Nigeria’s priorities, strengthen our financial system and translate intelligence into measurable impact.”
Marc Brown, NECC Fraud Threat Lead, NCA said: “The partnership between the NECC and NFIU reflects our shared commitment to protecting economic prosperity by strengthening the collective response to financial crime.
As NFIU develops its public-private partnership through the Joint Financial Intelligence Cooperation initiative, we will continue to support and deepen our collaboration, enhancing intelligence sharing, operational effectiveness, and our ability to prevent and disrupt those who seek to exploit and harm our economies.”
The UK and Nigeria remain committed to strengthening cooperation against illicit finance, improving intelligence sharing and supporting efforts to protect the integrity of the financial system through effective public-private partnerships.
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