Nigeria Makes Progress in Addressing AML/CFT Deficiencies
By Patience Ikpeme
The Financial Action Task Force (FATF) has recognized the progress made by Nigeria in addressing anti-money laundering and counter-terrorist financing (AML/CFT) deficiencies.
During its October Plenary Meeting, the FATF approved Nigeria’s 4th Progress Report, acknowledging the country’s advancements in implementing its Action Plan to exit the grey list.
Nigeria has successfully addressed key areas such as international cooperation, national coordination, and measures to prevent the non-profit sector from being used for terrorism financing.
The Chief Executive Officer of the Nigerian Financial Intelligence Unit (NFIU), Mrs. Hafsat Abubakar Bakari, expressed confidence in Nigeria’s ability to complete the remaining actions and exit the grey list by May 2025.
She commended the efforts of all public and private sector stakeholders involved in strengthening the country’s financial system.
In other decisions at the Paris Plenary meeting, the FATF updated its grey-list. Senegal was delisted following the successful completion of its Action Plan, while Algeria, Angola, Cote D’Ivoire, and Lebanon were added to the monitoring list.
The FATF, established in 1995, is the global body leading the fight against money laundering, terrorist financing, and proliferation financing. The organization researches and promotes global standards to mitigate these risks and assesses countries’ effectiveness in addressing them.
Being placed on the grey list indicates that a country is actively working to address deficiencies in its AML/CFT regime. While on the list, countries are subject to increased monitoring and must demonstrate progress in implementing their Action Plans within a specified timeline.
