Nigeria Officially Exits FATF Grey List
…Boosts Financial Integrity Standing
By Patience Ikpeme
The Nigerian Financial Intelligence Unit (NFIU) have disclosed that the Financial Action Task Force (FATF) has officially removed Nigeria from its grey list, a significant milestone in the country’s efforts to combat financial crimes.
This was disclosed in a press statement issued by the NFIU, highlighting Nigeria’s progress in aligning with global standards for anti-money laundering and counter-terrorism financing, on Friday in Abuja.
Nigeria was placed on the FATF grey list in February 2023 due to strategic deficiencies in its AML/CFT framework.
Over two years, the country implemented a rigorous 19-point Action Plan developed with FATF and the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA).
The reforms included the enactment of the Money Laundering (Prevention and Prohibition) Act, 2022, and the Terrorism (Prevention and Prohibition) Act, 2022, as well as the operational launch of the Beneficial Ownership Register to enhance corporate transparency.
Speaking on the milestone, the Minister of Finance, Mr. Wale Edun, said, “Nigeria’s ambition was never limited to simply completing the Action Plan and exiting the grey list. Our focus has been on driving reforms, enacting legislative enhancements, and strengthening institutions to ensure Nigeria effectively counters money laundering and terrorist financing.”
He described this achievement as part of a broader national transformation that prioritizes transparency, integrity, and accountability.
NFIU Director and CEO, Ms. Hafsat Abubakar Bakari, praised the collective efforts behind this success, stating, “Nigeria’s removal from the FATF grey list is a true test of our resilience, coordination and unwavering commitment to reform.
It is a clear signal to the world that Nigeria can meet and exceed global standards in financial integrity.” She emphasized that this achievement marks the beginning of a more transparent financial ecosystem in Nigeria.
The statement also recognized President Bola Ahmed Tinubu’s leadership and the contributions of the Vice-President, judiciary, National Assembly, government agencies, private sector, and non-profit organizations, all of whom played a vital role in Nigeria’s reform process.
The FATF’s invitation for Nigeria to join its Guest Jurisdictions Initiative reflects international confidence in the country’s expertise and commitment to global financial security.With this development, Nigeria joins Burkina Faso, Mozambique, and South Africa in exiting the grey list, signaling a positive trend toward enhanced financial sector integrity across Africa.
