Banks Collaborating In Terrorism Finance To Face Prosecution, FG Vows

The Federal Government has vowed to take strict action against Nigerian banks, financial institutions, and accounting firms found collaborating in terrorism financing, warning that heads of involved organizations will face prosecution, while the institutions may be fined or closed, according to Nairametrics.

This was disclosed by President Bola Tinubu’s Special Adviser on Media and Public Communication, Daniel Bwala, in an interview on TVC.

Bwala explained that finance is the lifeline of terrorist activities, which is why countries worldwide, including the United States, focus on combating money laundering and terrorism financing.

“We will look at banks that are collaborating with elements like that. We look at other financial institutions that are not banks as it were. We look at accounting firms that are involved in this money laundering. And then we look at our collaboration with our foreign partners,” he said.

“Any bank that is involved in that, one is that the headship of the bank will be prosecuted and the bank will either be fined or closed,” he added.

He stressed that terrorist networks often rely on financial systems to demand ransoms and launder money.

“If a bandit demands ransom and they say that the money should be wired to them, it’s through where? Financial institutions. And we have laws that regulate that,” Boala explained.

Consequences for collaborators and negotiators
Bwala emphasized that, with the support Nigeria will be receiving from the United States intelligence, anyone involved in aiding terrorist operations would face legal consequences

“In the coming days, we will know who terrorists are and who their financiers are.

“Once the government discovers that, either by way of investigation, by way of revelation, or by way of confession, because it can happen either of those ways, then judge us whether we are able to be firm or not. Nobody will be spared,” he stated.

He explained that what destroys a society is when there are certain individuals who cannot be touched. When there is a disproportionate application of laws, then society will have a problem.

He also warned about intermediaries who present themselves as negotiators but become accessories to terrorism, saying the government is opening itself to all possibilities to combat terrorism financing.

“This is where the problem is. A thin line between war against banditry and terrorism, and individuals who provided themselves as negotiators and become accessories to it at the end of the day. So, all of these things, there is no hard and fast rule. Government is opening itself up to all possibilities,” he said

Surveillance and tracing capabilities
Bwala noted that the government has the tools to track and trace funds even through complex networks.

“If they are using a satellite network system or internet service provision that has no link to the one that we regulate, then you will need extra work to be able to see how you can trace them. But I’m telling you, we have the equipment. This government has the equipment to begin to trace them. There is a thin line,” he said.