Nigeria Makes Progress on FATF Action Plan
By Patience Ikpeme
A high-level inter-agency team from Nigeria met with the Financial Action Task Force’s (FATF) International Cooperation Review Group in Brussels, Belgium, on September 3, 2024, to present the country’s progress report on its Action Plan to exit the grey-list.
Led by the Chief Executive Officer of the Nigerian Financial Intelligence Unit, Hafsat Abubakar Bakari, the team comprised representatives from various government agencies, including the Central Bank of Nigeria, Department of State Services, Economic and Financial Crimes Commission, and others.
Nigeria’s inclusion on the FATF grey-list in February 2023 prompted the country to implement a comprehensive Action Plan to address deficiencies in its anti-money laundering and counter-terrorism financing (AML/CFT) regime. The team presented the fourth triannual progress report, highlighting the significant strides made in addressing the Action Plan’s items.
While approximately 30% of the Action Plan items have been concluded, Nigeria remains committed to meeting the final deadline of May 2025. The Presidency has reiterated the administration’s unwavering support for completing the Action Plan and ensuring that all necessary measures are taken.
The meeting with the FATF International Cooperation Review Group provided an opportunity for Nigeria to demonstrate its progress and seek guidance on remaining challenges. The country’s efforts to strengthen its AML/CFT regime are crucial for maintaining its reputation in the international financial community and attracting foreign investment.
