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 because of strategic deficiencies in its anti‑money‑laundering and counter‑terrorism financing (AML/CFT) systems. After successfully implementing a 19‑point action plan to strengthen 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 praised 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. He also commended Hafsat Abubakar Bakari, Director/Chief Executive Officer of the Nigerian Financial Intelligence Unit (NFIU), and her staff for their diligence in ensuring the complete and timely implementation of the action plan. The NFIU’s work has earned international recognition for Nigeria’s progress in tackling serious crimes.
The President thanked all participants in the National Task Force on AML/CFT—among them the Governor of the Central Bank of Nigeria, the Registrar‑General of the Corporate Affairs Commission, the Chief of the Defence Staff, as well as representatives from various ministries, agencies, and the private sector. He urged others to emulate their standards and highlighted that the removal from the FATF grey list demonstrates Nigeria’s commitment to strengthening its AML/CFT framework.
This achievement is expected to enhance Nigeria’s global credibility and facilitate international cooperation in the fight against money laundering and terrorism financing. With this milestone reached, Nigeria is poised to continue its journey toward economic reform and institutional integrity, supported by its international partners.
Comments are closed for this story.