July 24, 2024

  • Bitcoin(BTC)$24,383.00-1.66%
  • Ethereum(ETH)$1,657.83-2.53%
  • Tether(USDT)$1.000.18%
  • BNB(BNB)$310.23-1.26%
  • USD Coin(USDC)$1.000.10%
  • XRP(XRP)$0.39-0.81%
  • Binance USD(BUSD)$1.000.05%
  • Cardano(ADA)$0.39-2.73%
  • Dogecoin(DOGE)$0.09-2.67%
  • Polygon(MATIC)$1.38-6.66%
parkisgold-zz

Senate Advances Bill to Establish Chartered Compliance Institute of Nigeria (CIN)

0 8
The 10th Assembly Debating the NABRO bill

The Nigerian Senate took a significant step towards strengthening the country’s compliance framework with the passage of a bill to establish the Chartered Compliance Institute of Nigeria (CIN) for its second reading on Tuesday.

Sponsored by Senator Mpigi, Barinada (Rivers South East), the bill titled “A Bill for an Act to Establish Chartered Compliance Institute of Nigeria 2024” seeks to regulate compliance professionals and elevate the standards within the field.

This development comes amidst Nigeria’s ongoing efforts to address deficiencies identified by the Financial Action Task Force (FATF) – an intergovernmental body that combats money laundering and terrorist financing.

parkisgold-zz

Nigeria’s placement on the FATF’s “Grey List” in 2021 highlighted vulnerabilities in the country’s anti-money laundering and counter-terrorism financing (AML/CFT) regime.

The establishment of a Chartered Compliance Institute is seen as a crucial step towards shoring up these weaknesses and improving Nigeria’s overall compliance landscape.

Addressing Deficiencies and Promoting Professionalism

The bill’s passage through its first reading in 2023 marked the initial step in this process. Now, with its successful second reading, the bill moves closer to becoming law. Proponents of the legislation believe the Chartered Compliance Institute will play a critical role in achieving several key objectives:

Regulation and Professionalization: The institute will be responsible for establishing and enforcing professional standards for compliance practitioners in Nigeria. This will ensure a higher level of competency and ethical conduct within the field.

Improved Compliance Practices: By promoting best practices and fostering collaboration among compliance professionals, the CIN can contribute to a more robust compliance culture across various sectors, not just finance.

Addressing FATF Grey Listing: A well-functioning compliance framework is central to effectively combating money laundering and terrorist financing. The establishment of the CIN demonstrates Nigeria’s commitment to addressing the deficiencies identified by the FATF, potentially paving the way for its removal from the Grey List.

Building on Existing CIN Efforts

The proposed Chartered Compliance Institute act will build upon the foundation laid by the Compliance Institute for Banks and Other Financial Institutions in Nigeria Ltd/GTE. Established to promote compliance awareness within and beyond the financial industry, this existing organization has played a vital role in raising the bar for compliance practices in Nigeria.

The Chartered Compliance Institute, envisioned by the new bill, would take these efforts to the next level. By granting charters to qualified professionals and establishing a clear regulatory framework, the CIN can significantly enhance the professionalism and effectiveness of the compliance sector in Nigeria.

Read Also: CIN Seeks Collaboration with EFCC to Strengthen Financial Intelligence

If You Ask Me

While the passage of the second reading marks a significant milestone, the bill must still navigate through the legislative process. Committee hearings will be held to examine the bill’s provisions in detail and incorporate any necessary amendments. Following committee stage, the bill will return to the Senate floor for a third reading and final vote.

If successful, the establishment of the Chartered Compliance Institute of Nigeria will represent a major step forward in strengthening Nigeria’s compliance framework and bolstering its efforts to combat financial crime. The CIN’s impact will likely extend beyond the financial sector, fostering a culture of ethical conduct and good governance across the Nigerian economy.

Share this

Leave a Comment

parkisgold-zz
glo advert
WP Twitter Auto Publish Powered By : XYZScripts.com