Nigeria Moves to Exit FATF Grey List
By Patience Ikpeme
In a bid to exit the grey list of the Financial Action Task Force (FATF), Nigeria has signed Memoranda of Understanding (MOUs) with three countries: the Kingdom of Bahrain, the Democratic Republic of Congo, and the Sultanate of Oman.
These agreements are designed to facilitate the exchange of information and establish strategic partnerships to combat money laundering, terrorist financing, and other serious crimes.
In addition, Mohammed Shahid Ahmed, the Chief of Staff at the Nigerian Financial Intelligence Unit (NFIU), has been appointed as the Vice Chairman of the Egmont Group. This appointment has been well-received, not only by the Nigerian delegation but also by the international community.
Hafsat Abubakar Bakari, the Director and CEO of NFIU, is leading a global campaign to remove Nigeria from the FATF grey list. According to a statement from the NFIU, signed by Sani Tukur, Head of Strategic Communications Office, Bakari recently led a powerful delegation to the plenary meetings of GIABA (The Inter-Governmental Action Group Against Money Laundering in West Africa).
For the first time as NFIU’s leader, she chaired the 41st Technical Commission and Plenary meeting of GIABA in Senegal.
Following the meetings in Senegal, Bakari attended the 30th plenary session of the Egmont Group of Financial Intelligence Units in Paris, which took place from June 2 to 7.
During this session, Nigeria and Congo Brazzaville co-sponsored the admission of the Financial Intelligence Agency of Liberia into the Egmont Group. Nigeria has been mentoring the Liberian FIU for full membership since 2019.
Liberia’s admission into the Egmont Group highlights Nigeria’s leadership capabilities in the fight against money laundering and terrorism financing.
These efforts reflect Nigeria’s commitment to strengthening its financial intelligence and international cooperation to combat financial crimes effectively.
