Nigeria Joins FATF Consultative Process, Boosting Anti-Money Laundering Efforts
By Patience Ikpeme
Nigeria has received an invitation from the Financial Action Task Force (FATF) to participate in its consultative processes, signaling a notable advancement in the nation’s role in global efforts against money laundering (AML) and the financing of terrorism (CFT).
This development marks a new chapter for Nigeria’s engagement with the international standard-setting body.
The invitation, extended by the President of the FATF, Elisa de Anda Madrazo, was addressed to Hafsat Abubakar Bakari, the Director/CEO of the Nigerian Financial Intelligence Unit (NFIU). It grants Nigeria the opportunity to participate in the FATF Style Regional Bodies (FSRB) jurisdictions guest initiative for a duration of one year.
While the regulations of the global body do not permit guests or other observers to participate in its decision-making processes, Nigeria will now have the chance to present its views, as well as those of the broader West African region, during FATF discussions under its own national representation.
Previously, Nigeria attended FATF meetings as a component of the delegation from the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA). The FSRB jurisdictions guest initiative forms part of the current Mexican FATF President’s broader efforts to expand the diversity of views and perspectives that contribute to establishing international standards for AML/CFT.
Participating guest members are also expected to gain a more comprehensive understanding of FATF’s processes and procedures, enabling them to serve as advocates for global initiatives aimed at safeguarding the integrity of international financial systems.
In a statement, the CEO of the NFIU, Hafsat Abubakar Bakari, expressed welcome for the recognition by the FATF of the substantial role Nigeria is playing to ensure the effective implementation of AML/CFT standards across the region. She stated, “The positive reforms of Nigeria’s AML/CFT framework are a vital part of the administration’s efforts to boost economic growth and development and this invitation by the FATF is a signal that we are on the right track and will reinforce our commitment to ensuring these standards are fully entrenched not just in Nigeria but across the wider region.”
