Nigeria has officially been removed from the Financial Action Task Force’s (FATF) list of jurisdictions under increased monitoring, commonly known as the grey list. The decision was taken at the FATF’s October 2025 plenary in Paris, marking a significant milestone in Nigeria’s fight against serious financial crimes. The Nigerian Financial Intelligence Unit (NFIU) announced the country’s exit, underscoring its commitment to global standards in combating money laundering, terrorist financing, and proliferation financing.
Nigeria was placed on the grey list in February 2023 because of strategic deficiencies in its anti‑money laundering and counter‑terrorist financing (AML/CFT) framework. Over the past two years, the country has worked diligently to address these concerns through a 19‑point action plan developed with the FATF and the Inter‑Governmental Action Group Against Money Laundering in West Africa (GIABA). Key reforms include the enactment and enforcement of the Money Laundering (Prevention and Prohibition) Act 2022 and the Terrorism (Prevention and Prohibition) Act 2022, the operationalisation of the Beneficial Ownership Register, and improvements in corporate transparency and accountability.
The reforms have also strengthened the capacity of intelligence, law‑enforcement, and security agencies to detect and prosecute complex financial crimes. Enhanced supervisory and preventive measures by both public and private sector authorities have reduced the abuse of Nigeria’s financial system for criminal activity. Moreover, Nigeria has increased international cooperation and cross‑border intelligence exchange with regional and global partners, and it has improved supervision of Designated Non‑Financial Businesses and Professions (DNFBPs).
Speaking on behalf of Nigeria, Finance Minister Wale Edun reaffirmed the country’s dedication to robust AML/CFT systems, emphasizing that the ambition extends beyond merely leaving the grey list. He highlighted ongoing reforms, legislative enhancements, and institutional strengthening to effectively counter money laundering and terrorist financing. NFIU Director/Chief Executive Officer Hafsat Bakari praised the collective effort that led to this achievement and thanked President Bola Ahmed Tinubu for his leadership and strategic guidance.
Nigeria’s removal from the FATF grey list is a notable accomplishment that demonstrates the nation’s resilience, coordination, and commitment to reform. The development is expected to boost confidence in Nigeria’s financial system and signal to the world that the country can meet—and exceed—global standards of financial integrity.
Comments are closed for this story.