For many, the Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) laws are alien concepts that have no effect on their lives. And while this might be a valid question but the AML/CFT laws have a real impact on every individual’s daily life. Without AML/CFT laws, Nigeria’s financial system would be a playground for fraudsters and criminals. While AML/CFT laws can seem like undue stress to the average citizen, it is an important aspect of creating a safe and transparent financial system. International organizations like FATF keep countries like Nigeria on their toes, ensuring that the global financial system remains secure.

Source: Nigerian Tribune October 09, 2024 06:18 UTC