UK and Nigeria Establish Anti-Fraud Alliance to Combat Financial Crime

The UK and Nigeria have signed a significant anti-fraud agreement to enhance cooperation in combating financial crime, focusing on intelligence sharing and joint investigations. The partnership, supported by key officials from both countries, aims to disrupt sophisticated fraud networks and has practical measures including training initiatives and regulatory coordination.

The UK and Nigeria have taken a significant step in combating financial crime and transnational fraud with a new agreement, signing a Memorandum of Understanding (MoU) along with a coordinated Action Plan. This development was marked by signatures from UK Minister for Fraud, Lord Jonathan Hanson, Nigeria’s Attorney General, Lateef Fagbemi, and National Security Adviser, Nuhu Ribadu, underscoring the seriousness of the partnership.

According to a statement from the British High Commission, this agreement is designed to enhance intelligence sharing, facilitate joint investigations, and coordinate law enforcement strategies against complex fraud networks that operate internationally. Lord Hanson pointed out the importance of this collaboration, noting that “more than 70 percent of fraud affecting the UK involves international actors.” The goal is to stop fraud before it happens and to hold accountable those who perpetrate these crimes.

The agreement features several key components, such as cooperation between the UK’s National Crime Agency (NCA) and Nigeria’s Office of the National Security Adviser (ONSA). Importantly, it also includes joint enforcement operations and improved regulatory coordination across critical sectors like finance, telecommunications, and digital services.

In addition to these measures, the collaboration will introduce joint training programs, with the UK’s Serious Fraud Office providing specialized support to Nigerian prosecutors. They aim to research emerging threats, particularly focusing on how technology and artificial intelligence can be abused for fraudulent schemes.

National Security Adviser, Nuhu Ribadu, supported the agreement, viewing it as a way to strengthen bilateral security relations. He mentioned the need to create a proactive approach to evolving threats, emphasizing the importance of disrupting fraud enablers and supporting victims.

This deal builds upon earlier frameworks established during the UK-Nigeria Fraud Dialogue initiated in November 2024. With rising financial crimes impacting both nations, it’s a timely approach to address these challenges head-on. The UK’s Crime Survey for England and Wales credited fraud as the most common crime, with over 4.1 million cases reported last year, accounting for a whopping £6.8 billion in losses for victims.

Nick Sharp, Director of Fraud at the NCA, highlighted the necessity for international efforts, noting, “Fraud is borderless.” Through shared intelligence and collaborative operations, this agreement not only enhances defenses against fraud but also aims to ensure that those who engage in these activities face justice, regardless of where they operate from.

In summary, the UK and Nigeria have established a groundbreaking partnership to combat financial crime through a new agreement. This collaboration emphasizes intelligence sharing, joint investigations, and enhanced regulatory cooperation. With rising financial crimes reported on both sides, this initiative aims to disrupt fraud networks and hold offenders accountable. It’s a vital move in the ongoing global fight against increasingly sophisticated financial crimes.

Original Source: guardian.ng