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Downloads/1438767428 29110.Pdf 16 i THE NATIONAL (MONEY LAUNDERING & TERRORIST FINANCING) RISK ASSESSMENT FORUM © 2016 NRA Forum All rights reserved. No reproduction or translation of this publication may be made without prior written permission. Applications for such permissions, for all or part of this publication, should be made to The National (Money Laundering & Terrorist Financing) Risk Assessment Forum under the auspices of the IMC Secretariat, 12 Ibrahim Taiwo Street, Aso Villa Abuja, Nigeria (e-mail: [email protected] , [email protected]) Cover photo credits ©pngimg.com ©cashrange.comii ©wikimedia.com TABLE OF CONTENTS ACRONYMS ............................................................................................................................................. vii ACKNOWLEDGEMENT .......................................................................................................................... xi FOREWORD .............................................................................................................................................. xi DISCLAIMER ............................................................................................................................................ xi EXECUTIVE SUMMARY ...................................................................................................................... xiv INTRODUCTION .................................................................................................................................. xviii METHODOLOGY AND SCOPE ............................................................................................................ xix OVERALL ASSESSMENT OF MONEY LAUNDERING & TERRORIST FINANCING .................. xxii CHAPTER ONE .......................................................................................................................................... 1 1. THREAT ANALYSIS ON MONEY LAUNDERING .................................................................... 1 ORIGIN BREAKDOWN .................................................................................................................... 25 SECTOR THREAT ASSESSMENT .................................................................................................. 26 CROSS BORDER THREAT ANALYSIS ......................................................................................... 38 RISK ASSESSMENT FINDINGS ...................................................................................................... 39 WAY FORWARD AND RECOMMENDATIONS ........................................................................... 40 CHAPTER TWO ....................................................................................................................................... 42 2. NATIONAL VULNERABILITY TO MONEY LAUNDERING RISK ....................................... 42 NATIONAL COMBATING ABILITY .............................................................................................. 42 RECOMMENDATIONS .................................................................................................................... 69 CHAPTER THREE ................................................................................................................................... 71 3. BANKING SECTOR VULNERABILITY TO MONEY LAUNDERING RISK ......................... 71 INTRODUCTION ............................................................................................................................... 71 SECTOR OVERALL ASSESSMENT ............................................................................................... 74 RANKING OF PRIORITY AREAS ................................................................................................... 97 RECOMMENDATIONS .................................................................................................................... 97 CHAPTER FOUR ...................................................................................................................................... 99 4. CAPITAL MARKET SECTOR VULNERABILITY TO MONEY LAUNDERING RISK ........ 99 INTRODUCTION ............................................................................................................................... 99 SECTOR OVERALL ASSESSEMENT ........................................................................................... 102 QUALITY OF AML GENERAL CONTROL .................................................................................. 102 INHERENT VULNERABILITIES FACTOR .................................................................................. 111 RANKING PRIORITY AREAS ....................................................................................................... 116 FINDINGS ........................................................................................................................................ 116 RECOMMENDATIONS .................................................................................................................. 117 CHAPTER FIVE ..................................................................................................................................... 119 5. INSURANCE SECTOR VULNERABILITY TO MONEY LAUNDERING RISK .................. 119 INTRODUCTION ............................................................................................................................. 119 SECTOR OVERALL ASSESSMENT ............................................................................................. 121 QUALITY OF AML GENERAL CONTROLS ............................................................................... 122 PRODUCT AND SERVICES SPECIFIC INPUTS .......................................................................... 130 PRODUCT SPECIFIC INPUTS ....................................................................................................... 130 SERVICE (INTERMEDIARIES) SPECIFIC INPUTS .................................................................... 137 RANKING OF PRIORITY AREAS ................................................................................................. 139 RECOMMENDATIONS .................................................................................................................. 139 iii CHAPTER SIX ........................................................................................................................................ 141 6. OTHER FINANCIAL INSTITUTIONS VULNERABILITY TO MONEY LAUNDERING RISK 141 INTRODUCTION ............................................................................................................................. 141 OVERALL ASSESSMENT OF OTHER FINANCIAL INSTITUTIONS SECTOR ...................... 142 QUALITY OF AML CONTROLS FOR OTHER FINANCIAL INSTITUTIONS ......................... 142 INHERENT SUB-SECTOR VULNERABILITY ............................................................................ 159 RANKING OF PRIORITY AREAS IN OFIs SECTOR .................................................................. 167 RECOMMENDATIONS .................................................................................................................. 168 CHAPTER SEVEN ................................................................................................................................. 170 7. DESIGNATED NON-FINANCIAL BUSINESSES & PROFESSIONS VULNERABILITY TO MONEY LAUNDERING RISK .............................................................................................................. 170 INTRODUCTION ............................................................................................................................. 170 DNFBPs OVERALL ASSESSMENT .............................................................................................. 171 SECTORAL INHERENT VULNERABILITY ................................................................................ 177 RANKING PRIORITY AREAS ....................................................................................................... 188 RECOMMENDATION .................................................................................................................... 188 CHAPTER EIGHT .................................................................................................................................. 190 8. TERRORISM/TERRORISM FINANCING THREAT & VULNERABILITY TO MONEY LAUNDERING RISK ............................................................................................................................. 190 INTRODUCTION ............................................................................................................................. 190 OVERALL ASSESSMENT OF TERRORISM THREAT IN NIGERIA ........................................ 191 TERRORISM THREAT ANALYSIS .............................................................................................. 191 NATIONAL TERRORIST FINANCING RISK .............................................................................. 196 OVERALL VULNERABILITY OF NIGERIA TO TERRORIST FINANCING ............................ 203 SECTORAL VULNERABILITY TO TERRORIST FINANCING ................................................. 211 RECOMMENDATIONS .................................................................................................................. 214 REFERENCES ........................................................................................................................................ 216 LIST OF TABLES Table 1.1: Bribery and Corruption 2010-2014 .............................................................................................................
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