Excitement as Nigeria Exits FATF Grey List for Money Laundering, Others
By Nana Musa
The Nigerian Financial Intelligence Unit (NFIU), has announced the removal of the country from the Financial Action Task Force (FATF) grey list for money laundering, terrorist financing and other financial crimes.
The Director/CEO of NFIU, Hafsat Bakari made the disclosure in a statement issued in Abuja on Friday.
The News Agency of Nigeria (NAN) reports that FATF is an inter-governmental body established in 1989 that sets international standards to combat money laundering, terrorist financing, and the financing of weapons of mass destruction.
It develops and promotes policies to protect the global financial system,
Bakari said that the FATF October plenary in Paris, Nigeria was officially removed from the FATF grey list, marking a new chapter in the country’s fight against money laundering, terrorist financing, and proliferation financing.
According to her, this is a true test of our resilience, coordination and unwavering commitment to reform.
She said it was a clear signal to the world that the country could meet and exceeded global standards in financial integrity.
“This is not the end of our journey, but the beginning of a stronger, more transparent financial ecosystem.”
She said that the FATF’s action plan comes after Nigeria’s 19-point reform programme, implemented in collaboration with FATF and GIABA, including legislative upgrades, institutional strengthening, and enhanced inter-agency coordination.
Bakari said that the key reforms was cited by the NFIU and Nigerian government which include the enactment of the Money Laundering (Prevention and Prohibition) Act, 2022,
Also, the Terrorism (Prevention and Prohibition) Act, 2022, the operationalisation of the Beneficial Ownership Register, stronger supervisory measures for DNFBP, and intensified international cooperation on cross-border financial intelligence.
She commended the leadership of President Bola Tinubu and the guidance of senior officials for keeping reform on track, also the private sector and civil society for their partnership.
According to the statement, the Nigeria delegation in Paris are: the Minister of Finance and Coordinating Minister of the Economy, Attorney-General of the Federation and Minister of Justice, Minister of Interior and the Director/CEO of NFIU.
Speaking for Nigeria, Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, said that the action was more than compliance.
“Nigeria’s ambition was never limited to simply completing the action plan and exiting the grey list.
“Our focus has been on driving reforms, enacting legislative enhancements and strengthening institutions to ensure Nigeria effectively counters money laundering and terrorist financing.
“For us, the action plan is not the ceiling, but the floor of our aspirations,” he said.
The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, lauded the invitation to join the FATF guest jurisdictions initiative.
He said that the initiative enabled Nigeria to participate in FATF meetings under its own flag for the next year and contribute to global policy discussions.
The statement also said that Nigeria’s progress had been mirrored by the removal of Burkina Faso, Mozambique, and South Africa from the grey list, signaling broader regional improvements in financial sector integrity.
According to the statement, NFIU reiterated its commitment to sustaining the momentum which requires ongoing collaboration among government agencies, private sector, and international partners to protect Nigeria’s financial system and contribute to global stability.
NAN reports that Nigeria and 21 other countries where first placed on the FATF grey lists in February 2023.
Due to identified deficiencies in its Anti-Money Laundering and Countering the Financial of Terrorism (AML/CFT) framework. (NAN)
