Critical Analysis Of The Anti-Money Laundering And Counter-Terrorism Financing Framework In Nigeria

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Netochukwu Nzewi-Okoye

ABSTRACT

This article critically examines Nigeria’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) framework, highlighting its evolution, legal foundations, and institutional mechanisms. It explores key legislations such as the Money Laundering (Prevention and Prohibition) Act, 2022; the Terrorism (Prevention and Prohibition) Act, 2022; and the enabling statutes establishing the EFCC and NFIU. The analysis considers the progress made through modernized laws, specialized institutions, and enhanced regional cooperation, while identifying persistent weaknesses including weak enforcement, political interference, inter-agency rivalry, and limited judicial capacity. Therefore, this article recommends stronger inter- agency coordination, digital intelligence sharing, establishment of specialized courts, continuous judicial training, and deeper public–private sector collaboration. It concludes that Nigeria’s AML/CTF regime, though significantly improved, requires sustained reforms and institutional strengthening to effectively combat financial crimes and safeguard national security.

Keywords: Money Laundering, Terrorism Financing, Nigeria, Anti-Money Laundering Framework, Financial Crime Enforcement

619. CRITICAL ANALYSIS OF THE ANTI-MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING FRAMEW

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