As part of efforts to strengthen the economy and enhance national security, the Nigeria Customs Service (NCS) has sensitised stakeholders on Trade-Based Money Laundering (TBML), Trade-Based Terrorism Financing (TBTF), and Trade-Based Proliferation Financing (TBPF).
The sensitisation session, themed “Emerging Threats or Trends of Trade-Based Money Laundering, Trade-Based Terrorism Financing, and Trade-Based Proliferation Financing,” was held at the Sterling Academy Hub, located at the Sterling Bank Plaza in Abuja.
Delivering a presentation on the concepts, vulnerabilities, and red flags associated with trade-based financial crimes, drawing from both national and international perspectives, Assistant Comptroller Safiyanu Salihu, emphasised the growing sophistication of these crimes and their potential to erode economic stability and compromise national security.
“Trade-based money laundering and terrorism financing are not abstract threats; they directly undermine our economy and national security. That is why awareness, vigilance, and collaboration among stakeholders are crucial,” AC Salihu stated.
He also highlighted the pivotal role of financial institutions in combating illicit trade practices, “Banks and financial institutions are the first line of defence. By diligently reviewing transaction documents, they can identify red flags early and prevent illicit flows from going undetected.”
On her part, Assistant Comptroller Bridget Baiye provided practical guidance on identifying fake invoices, falsified trade documents, and common tools used in trade-based financial crimes.
“Fake invoices often contain subtle discrepancies that differ from the originals. Paying attention to these small details can make all the difference in detecting fraudulent trade transactions,” AC Baiye said.
Representing Sterling Bank, the Group Head of Regulatory and Financial Crimes Compliance, Mr. Orlando Umoren, expressed gratitude to the NCS for its technical expertise and collaboration.
“This training reinforces the fact that combating financial crimes is not the responsibility of one agency alone. It requires collaboration, knowledge sharing, and continuous capacity building.
“At Sterling, we remain committed to implementing robust internal controls and fostering partnerships with institutions like the Nigeria Customs Service to strengthen our collective fight against illicit financial activities,” Umoren said.
He urged participants to apply the knowledge gained during the training, “We must move beyond awareness to application, ensuring that the lessons learned here today translate into stronger compliance practices tomorrow.”
The session concluded with an engaging interactive segment, during which participants asked questions and discussed practical strategies for enhancing trade transparency and combating trade-based financial crimes.
