China To Help Nigeria Fight Money Laundering, Terrorism Financing

The Chinese government says it will partner with Nigeria in the fight against money laundering and terrorism financing.

Truetells Nigeria reports tha in a joint statement issued by both countries said the agreement aimed at supporting Nigeria’s efforts to safeguard the stability of its financial and foreign exchange markets and crack down on financial crimes.

The agreement followed a meeting between President Bola Tinubu and President Xi Jinping of China on Tuesday.

At the end of the meeting, both presidents signed various memoranda of understanding (MoUs), which included a cooperation plan between Nigeria and China to jointly promote the belt and road initiative.

According to the joint statement, both countries are considering regional and monetary cooperation, as well as encouraging flexible and diverse cooperation such as local currency swaps to facilitate trade between China and Nigeria and contribute to global financial stability.

“Both countries agreed to support Nigeria’s geographical and development advantage in West Africa to establish Africa’s flagship projects on cross-national and cross-regional cooperation,” the statement reads.

“They also agreed to deepen cooperation on the infrastructure connectivity between the two countries.

“China proactively supports Nigeria in developing its domestic infrastructure construction, including transportation, ports, and free trade zones, towards achieving integrated development and connectivity for industries.

“The two countries agree to carry out international cooperation on financial intelligence on anti-monetary laundering/countering the financing of terrorism (AML/CFT) and support Nigeria’s efforts to safeguard the order of its financial and foreign exchange markets and to crack down on financial crimes, including money laundering.”