FATF Lauds Nigeria’s AML/CFT Progress
By Patience Ikpeme
The Financial Action Task Force (FATF) has commended Nigeria’s strides in combating money laundering and terrorist financing, approving the country’s fifth progress report since its inclusion in the organization’s list of jurisdictions under monitoring in February 2023.
The announcement was made on Friday during the FATF Plenary meeting in Paris.
The FATF Plenary acknowledged the substantial progress Nigeria has made in implementing the Action Plan, which was jointly agreed upon by Nigeria and the FATF’s International Cooperation Review Group (ICRG). This Action Plan aims to address the deficiencies identified in the 2021 Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) Mutual Evaluation Report.
The Plenary specifically recognized the sustained high-level political commitment demonstrated by Nigeria towards ongoing reforms and the concrete measures taken by all stakeholders, coordinated by the Nigerian Financial Intelligence Unit (NFIU), to enhance the effectiveness of the country’s AML/CFT regime.
This sustained progress indicates that Nigeria is on track to complete the Action Plan well before the May 2025 deadline and potentially exit the FATF’s grey-list before the end of this year.
In addition to reviewing Nigeria’s progress, the FATF Plenary also approved the removal of the Philippines from its list of jurisdictions under increased monitoring. Conversely, the Lao People’s Democratic Republic and Nepal were added to the list.
Ms. Hafsat Abubakar Bakari, the Director and Chief Executive Officer of the NFIU, led the Nigerian delegation to the FATF meetings. She delivered a presentation during a side event focused on “Women in the FATF Global Network,” further showcasing Nigeria’s active engagement in the global fight against financial crime.
The approval of Nigeria’s fifth progress report by the FATF represents a significant milestone in the country’s efforts to strengthen its AML/CFT framework and demonstrates its commitment to international standards in combating financial crime.
The recognition by the FATF underscores the effectiveness of the collaborative efforts of various Nigerian stakeholders in achieving these positive outcomes.
Nigeria’s potential exit from the grey list later this year will not only be a testament to the country’s progress but also signal its commitment to creating a more transparent and secure financial environment.
