At the opening of the Commonwealth Law Conference in Malta on April 7, 2025, Ola Olukoyede, Executive Chairman of Nigeria’s Economic and Financial Crimes Commission (EFCC), urged Commonwealth nations to adopt Nigeria’s proactive strategies in combating financial crimes.
The five-day event, hosted by the Commonwealth Lawyers Association (CLA) under the theme “Combating Transnational Organised Crime in the Commonwealth: Opportunities and Challenges,” brought together legal experts from the 56 member states.
Speaking on the topic “Combating Financing of Terrorism and Proliferation Financing: Has FATF Enhanced Monitoring Made Any Difference in Non-Compliant Countries?” Olukoyede emphasized that the Financial Action Task Force’s (FATF) enhanced monitoring framework provides both challenges and a blueprint for reform. He highlighted Nigeria’s progress, noting that the country has tackled nearly all action items in the FATF process, except those under Immediate Outcome 8 (Confiscation), and argued that the benefits of such oversight extend beyond compliance to building robust financial systems capable of thwarting terrorism financing.
Olukoyede advised Commonwealth nations to draw lessons from Nigeria, including the importance of high-level political commitment, proactive compliance, enhanced enforcement capacity, technology use, public-private partnerships, and sustained international collaboration. He also called for greater FATF consideration for Sub-Saharan countries, which dominate the enhanced monitoring list, despite recent adjustments to ease pressures on less-developed nations and focus on higher-risk jurisdictions.
The biennial Commonwealth Law Conference, a key fixture in the global legal community, attracts senior justice leaders, academics, and practicing lawyers dedicated to upholding the rule of law. The CLA promotes an independent, ethical, and efficient legal profession across the Commonwealth. Other notable speakers included Juliet Ibekaku-Nwagwu of the Africa Centre for Governance, Asset Recovery and Sustainable Development; Richard Salter KC, a barrister from London; and Loretta Joseph, a senior policy adviser to the Commonwealth Secretariat on virtual asset laws.