The Nigeria Customs Service (NCS) recently delivered a sensitization lecture on emerging threats in cross-border trade, focusing on Trade-Based Money Laundering (TBML), Trade-Based Terrorism Financing (TBTF), and Trade-Based Proliferation Financing (TBPF).
The lecture, held at the Sterling Academy Hub in Abuja, aimed to educate participants on the concepts, vulnerabilities, and red flags associated with trade-based financial crimes.
Assistant Comptroller Safiyanu Salihu of the NCS emphasized the growing sophistication of trade-based crimes and their potential to erode economic stability and compromise national security.
He highlighted the crucial role of financial institutions in combating illicit trade practices, noting that banks and financial institutions are the first line of defense.
Assistant Comptroller Bridget Baiye of the NCS provided practical guidance on identifying fake invoices and falsified trade documents, as well as standard tools used in trade-based financial crimes.
She emphasized the importance of paying attention to subtle discrepancies in documents to detect fraudulent trade transactions.
Representing Sterling Bank, Orlando Umoren, Group Head of Regulatory and Financial Crimes Compliance, expressed appreciation to the NCS for its technical expertise and collaboration.
He emphasized the need for continuous capacity building and knowledge sharing to combat financial crimes effectively.
Umoren urged participants to apply the knowledge acquired during the lecture, emphasizing the importance of translating awareness into stronger compliance practices.
The session ended with an interactive segment, where participants discussed practical approaches to enhancing trade transparency and preventing trade-based financial crimes.
The lecture demonstrates the NCS’s commitment to capacity building and inter-agency collaboration in combating financial crimes.
By working together, stakeholders can strengthen their collective fight against illicit financial activities and promote a more secure and transparent trade environment.
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