Nigeria Advances on FATF Action Plan, Achieves 30% Completion
By Patience Ikpeme
Nigeria has achieved a significant milestone in its efforts to exit the Financial Action Task Force (FATF) grey list, having completed 30% of the Action Plan developed for this purpose. This progress was officially recognized by the FATF during its June 2024 Plenary meeting hosted in Singapore, where Nigeria’s 3rd Progress Report since being placed on the grey list in February 2023 was approved.
The Strategic Communications Office of the Nigerian Financial Intelligence Unit (NFIU) announced on Friday that the FATF plenary approved two additional upgrades in Nigeria’s compliance status. This positive development brings Nigeria closer to its goal of exiting the grey list by early 2025.
During the plenary, Hafsat Abubakar Bakari, Chief Executive Officer of the NFIU and Chair of the Technical Commission of the Intergovernmental Action Group Against Money Laundering in West Africa (GIABA), reaffirmed Nigeria’s dedication to fully implementing the Action Plan. Bakari also provided updates on GIABA’s ongoing efforts to enhance its technical capabilities.
The FATF grey list comprises jurisdictions under increased monitoring for strategic deficiencies in their systems to combat money laundering, terrorist financing, and proliferation financing. Countries on this list work actively with the FATF to address these deficiencies within agreed timeframes. Placement on the grey list indicates a commitment to promptly resolving identified issues under heightened scrutiny.
The Nigerian delegation to the plenary included notable figures such as the Executive Chairman of the Economic and Financial Crimes Commission (EFCC), the Director of the Special Control Unit against Money Laundering (SCUML), and the Chief of Staff to the CEO of the NFIU. Their participation underscores Nigeria’s high-level commitment to addressing the FATF’s concerns and enhancing the country’s anti-money laundering and counter-terrorist financing frameworks.
As Nigeria continues to implement its Action Plan and receives further upgrades, the country is on a promising path to strengthening its financial system and regaining its standing in the international financial community. The FATF’s acknowledgment of Nigeria’s progress marks a critical step towards ensuring robust financial oversight and combating financial crimes effectively.
