The Director General of the Securities and Exchange Commission (SEC), Dr Emomotimi Agama, has told stakeholders to adapt regulatory frameworks to align with the evolving Financial Action Task Force (FATF) standards.
He said failure to do so would not only jeopardise the integrity of the capital markets, but also pose a risk to Nigeria and the global financial system.
Agama stated this at the Compliance Summit 2024 organised by the Nigerian Capital Market Institute, a subsidiary of the SEC, with the theme: Navigating Regulatory Challenges: Aligning with Changes in FATF Standards in the Era of Virtual Asset Service Providers held in Lagos.
Agama said as virtual assets continue to gain prominence, navigating regulatory challenges in the space requires proactive engagement with FATF standards, adding that collaboration between regulators, VASPs and stakeholders ensures effective implementation.
He said the event is a testament to the collective commitment by stakeholders to ensuring that the Nigerian capital market remains at the vanguard of global financial integrity and efficiency, while fostering an environment conducive for progress and innovation.
Director/ CEO for Nigerian Financial Intelligence Unit (NFIU), Hafsat Bakari, represented by Dr Mohammad Jiya, Chief Operating Officer, Emerging Technologies and Innovations, NFIU, said as Nigeria continues to experience the transformative impact of virtual assets on the financial landscape, the nation is also reminded of the accompanying risks, particularly in the areas of money laundering, terrorist financing and other illicit activities.
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