The Chief Executive Officer (CEO) of the Nigerian Financial Intelligence Unit (NFIU), Ms. Hafsat Bakari, has announced that Nigeria is expected to exit the Financial Action Task Force (FATF) grey list by late 2025.
The FATF is the global body established in 1995 to lead efforts against money laundering, terrorist financing, and proliferation financing.
Bakari highlighted that exiting the grey list of jurisdictions under increased monitoring, would mark significant progress for Nigeria and reinforce the country’s commitment to a more transparent financial environment.
She noted the approval of Nigeria’s fifth progress report by the FATF as a substantial achievement.
The approval represents a milestone in Nigeria’s efforts to strengthen its Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) framework, demonstrating the country’s adherence to international standards in combating financial crime.
Combating money laundering
Bakari added that the FATF’s recognition shows the effectiveness of collaboration among various Nigerian stakeholders in achieving these positive outcomes.
Earlier, the FATF commended Nigeria’s strides in combating money laundering and terrorist financing, approving the country’s fifth progress report since its inclusion on the grey list in February 2023.
According to a statement by NFIU’s strategic communications officer, Sani Tukur, the FATF plenary acknowledged Nigeria’s substantial progress in implementing the action plan agreed upon with its International Cooperation Review Group (ICRG).
This action plan aims to address deficiencies identified in the 2021 AML/CFT mutual evaluation report. The plenary recognized Nigeria’s sustained high-level political commitment to ongoing reforms.
What you should know
Additionally, all stakeholders, coordinated by the NFIU, have taken concrete measures to enhance the effectiveness of the country’s AML/CFT regime.
This progress indicates that Nigeria is on track to complete the action plan before the May deadline and could exit the FATF’s grey list by year-end.
While reviewing Nigeria’s progress, the FATF plenary also approved the removal of the Philippines from its list of jurisdictions under increased monitoring. The Lao People’s Democratic Republic and Nepal were added to the list.
Bakari led Nigeria’s delegation to the FATF meetings in Paris. The FATF, established in 1995, is the global body responsible for leading efforts against money laundering, terrorist financing, and proliferation financing.
The grey list includes jurisdictions under increased monitoring that are actively working with the FATF to address deficiencies in their AML/CFT regimes.
(Agency Report)
