China Agrees To Assist Nigeria In Fight Against Money Laundering

Nigeria and China have reached an agreement to strengthen their collaboration on financial intelligence in order to combat money laundering and other economic offences within Nigeria.

A joint statement released by both nations indicated that this agreement is designed to bolster Nigeria’s initiatives to maintain the integrity of its financial and foreign exchange markets while addressing financial crimes.

Naija News reports that this announcement came after a meeting between President Bola Ahmed Tinubu and President Xi Jinping of the People’s Republic of China on Tuesday.

Additionally, the statement underscored the significance of regional and monetary collaboration, advocating for flexible and varied partnerships, including local currency swaps, to enhance trade between China and Nigeria and to promote 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.

“They also agreed to deepen cooperation on the connectivity of infrastructure between the two countries. China proactively supports Nigeria in developing its domestic infrastructure construction, including transportation, ports, and free trade zones, to achieve integrated development and connectivity for industries.

“The two sides encourage flexible and diverse regional and monetary and financial cooperation such as local currency swaps, to facilitate trade between China and Nigeria and make contributions to global financial stability.

“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,” the statement said.