Section 8: Functions and Powers of the Chairman

8. Functions and Powers of the Chairman.—(1) The Chairman shall exercise general control and supervision over the affairs of the Authority; shall be the Principal Accounting Officer of the Authority and; shall ensure that the provisions of the Act, the rules, regulations, policies and directions of the Authority are properly executed. (2) Without prejudice to the generality of the foregoing, the Chairman shall have the following powers, namely:— (a) to ensure implementation by th relevant competent authorities of the laws with respect to anti-money laundering, countering financing of terrorism and targeted financial sanctions; (b) to develop national action plans with respect to anti-money laundering, countering financing of terrorism and targeted financial sanctions in coordination and consultation with the relevant authorities; analyse the data received from the competent authorities and report to the Authority about implementation of these plans, on periodical basis; (c) to propose guidelines with the approval of the authority to the competent authorities in line with the international best practices and requirements of Financial Action Task Force for developing and implementing the risk based supervisory plans or framework whatsoever called; annual training and outreach plans and monitoring of implementation of the aforesaid guidelines or directions by the competent authorities; and make recommendations to the Federal Government for effective implementation of anti-money laundering, countering of financing of terrorism and targeted financial sanctions action plans; (d) to authorize expenditure provided for in the budget in accordance with the rules and regulations; (e) to re-appropriate funds within the approved budget; (f) to execute deeds and documents on behalf of the Authority; (g) to appoint experts from public or private sector for deliberations in areas related to the mandate and functions of the Authority; (h) to issue guidelines and resolve issues of overlapping of functions inter se competent authorities; and (i) to execute the policies and plans approved by the Authority and instructions issued by the Federal Government. (3) The Chairman may delegate any of its functions and powers to the Director General with such terms and conditions as it may deem appropriate.

Effective date: 2023-08-07

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