Nigeria’s Removal from FATF Grey List Hailed by President Tinubu
Nigeria has been removed from the Financial Action Task Force (FATF) grey list, a development welcomed by President Bola Tinubu. The country was placed on the list in February 2023 due to strategic deficiencies in its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) systems. However, following the successful implementation of a 19-point action plan aimed at strengthening its AML/CFT framework, the FATF has now delisted Nigeria.
President Tinubu described the removal as “a major milestone in Nigeria’s journey towards economic reform, institutional integrity and global credibility.” He applauded the efforts of various stakeholders, including the Secretary to the Government of the Federation, ministers, and the leadership of the National Assembly and the Judiciary, in achieving this feat. The President also commended the Director/Chief Executive Officer of the Nigerian Financial Intelligence Unit (NFIU), Hafsat Abubakar Bakari, and her staff for their diligence in ensuring the complete and timely implementation of the country’s Action Plan.
The NFIU’s work has led to international recognition of Nigeria’s strides in strengthening its measures to tackle serious crimes. President Tinubu thanked the stakeholders for their efforts and urged others to emulate their standards. He also praised the contributions of various ministries, agencies, and private sector representatives who participated in the National Task Force on AML/CFT, including the Governor of the Central Bank of Nigeria, the Registrar-General of the Corporate Affairs Commission, and the Chief of the Defence Staff.
The removal of Nigeria from the FATF grey list is a significant achievement, demonstrating the country’s commitment to strengthening its AML/CFT framework. This development is expected to enhance Nigeria’s global credibility and facilitate international cooperation in the fight against money laundering and terrorism financing. With this milestone achieved, Nigeria is poised to continue its journey towards economic reform and institutional integrity, with the support of its international partners.