Illegal Money Exchangers Fuel Terrorism Funding, Says CISLAC
By Perpetua Onuegbu
ABUJA, NIGERIA - May 15, 2024 -
The Executive Director of the Civil Society Legislative Advocacy Centre (CISLAC) and Head of Transparency International in Nigeria, Mr. Auwal Musa (Rafsanjani), has stated that illegal money exchangers are responsible for funding terrorism.
Speaking at a Multi-stakeholder National Dialogue on Preventing Terrorism Financing and Violent Extremism in Abuja, Musa emphasized that terrorism poses a global threat, and Nigeria is one of the countries most affected. He highlighted that the financial sector has been exploited for terrorism financing, particularly through illegal money exchangers, including Bureau de Change operators.
According to Musa, the 2022 National Inherent Risk Assessment of Terrorism Financing report revealed that 19 companies were linked to illegal money exchangers between 2019 and 2022. These companies were used to mingle funds linked to terrorism financing.
Musa stressed that poor governance and corruption also drive terrorism and violent extremism, and urged stakeholders to work together to combat the menace.
Other speakers at the event included Mr. Edwin Harris, Director-General of GIABA; Mr. Ola Olukoyede, Executive Chairman of the Economic and Financial Crimes Commission (EFCC); Dr. Musa Aliyu, Chairman of the Independent Corrupt Practices and other Related Offences Commission (ICPC); and Mr. Akintunde Rotimi, Chairman of the House Committee on Media and Public Affairs.
They emphasized the need for concerted efforts to prevent terrorism financing, strengthen anti-money laundering and terrorism financing frameworks, and address poverty and illiteracy, which are identified as root causes of terrorism in Nigeria.
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