By Gloria Nwafor
With several challenges of financial crimes, emerging money laundering and terrorism financing threats evolving around the global landscape, members of the Compliance Institute of Nigeria (CIN) have concluded plans to up their game in addressing issues of anti-money laundering and combating financial terrorism. The institute said this was pertinent to maintain its status as the pacesetter for compliance practice within the financial industry in Nigeria, as well as to promote and uphold regulatory standards in industries for a respectable compliance profession.
President of CIN, Pattison Boleigha, said after the global financial collapse, both the public and private sectors introduced external and internal reforms to absorb the shock. He said whether the reforms had proven successful remained an open question. He spoke ahead of the institute’s induction and yearly meeting, scheduled to hold on December 3, 2022 with the theme ‘Compliance Culture and Corporate Governance: Role of Compliance Officers in the Public and Private Sectors.’
Boleigha said the institute would host the Director-General of the Inter- Governmental Action Group against Money Laundering in West Africa (GIABA), Numero-uno Agency for AML/CFT Compliance within the sub-region, Edwin Harris, who will also deliver the keynote address.
He said: “How companies respond to this broader culture mandate will have a significant impact on how well companies succeed in going forward. Those companies that recognize and adapt early to the changing cultural dynamic in which we all operate will fare far better than entities that remain stagnant or turn a blind eye to the inevitable changes occurring in communities throughout the world. For us, there is no better time to dissect the issues than now.”
According to the Registrar, CIN, Victor Oni, said with the progress and innovation in the business community with regard to compliance and corporate governance, it is expedient to x-ray in the coming year, what will be required of companies to thrive in an increasingly diverse and global consumer market.
