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The Speaker of the Home of Representatives, Yakubu Dogara has lamented the damaging impact of dollars laundering, terrorist financing and little arms proliferation on Nigeria’s developments.

Dogara applauded the Mohammadu Buhari-led administration for initiatives so far adopted to address these challenges.

He identified such measures to consist of the implementation of the Treasury Single Account (TSA) policy, the Bank Varification Number (BVN).

The Speaker spoke in Abuja yesterday at the 28th technical session/plenary meeting of the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA).

He said: "It is vital to state that Nigeria in unique, and the Economic Neighborhood of West African States (ECOWAS) in general, are suffering the devastating effects of funds laundering, terrorit finanacing and the proliferation of tiny and light arms as properly as their predicate offences like corruption, fraud, tax evasion, amongst other individuals.

"It is common knowledge that when you fight crime, these who advantage from the crime fight back and they fight dirty, and even organise themselves into networks to beat the technique.

"Nonetheless, the administration of President Muhammadu Buhari has taken bold steps to restructure the institutions and strengthening of laws in order to maximise prosecution and conviction of offenders, enhance recovery of stolen assets and guarantee transparent management of recovered, returned or repatriated assets, " Dogara said.

He hailed GIABA for its activities in Nigeria and the ECOWAS sub-region.

GIABA is an agency of ECOWAS responsible for facilitating the adoption and implementation of Anti-Dollars Laundering (AML) and Counter-Financing of Terrorism (CFT) in West Africa. It is also a FATF-Styled Regional Physique (FSRB) working with its member states to make certain compliance with international AML/CFT requirements.

GIABA’s Director Basic, Colonel Adama Coulibaly hailed Nigeria’s government’s commitment to tackling the scourge of economic crimes and connected vices.

Coulibaly particularly hailed the choice by the government to make sure that every bank owner in the nation comply with the BVN directive as a measure for curbing dollars laundry and other monetary crimes.

The GIABA DG assured that the group would strengthen its technical help to member states so that the forthcoming second round of mutual evaluations final results in substantial improvement of states’ AML/CFT regimes.

The Director, Nigerian Monetary Intelligence Unit (NFIU) and GIABA’s National Correspondent on AMTL/CFT, Francis Usani known as for collaboration among Economic Intelligence Units (FIUs) and other related agencies in GIABA member states.

This, he said would improve the price of accomplishment recorded by member states in the fight against funds laundry, terrorist financing, trade in illicit arms, among other individuals.

Usani said: "I advise that information sharing is vital for us to make any meaningful impact. We need to for that reason, enhance our data sharing protocols.