Financial Action Task Force Lauds Nigeria’s Progress  

The Financial Action Task Force (FATF), which is the global standard setting body for Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT), has lauded Nigeria’s progress in developing a framework for Anti-money laundering and Counter-Terrorist Financing.

FAFT at its October Plenary Meeting in Paris France, approved Nigeria’s 4th Progress Report since the inclusion of the country on the list of jurisdictions under monitoring, also called grey list, in February 2023.

A statement by NFIU Strategic Communications Office

Abuja and obtained by Voice of Nigeria disclosed that  “Nigeria was adjudged to now have strong systems in place for international cooperation to address serious crimes including asset recovery, strengthened systems for national coordination to fight terrorism, and to have effective measures to ensure the non-profit sector is not used to finance terrorism”

Since its inclusion on the list, Nigeria has made progress on the implementation of an Action Plan to address the deficiencies which were identified in the country’s 2021 AML/CFT Mutual Evaluation Report.

The Chief Executive Officer of the Nigerian Financial Intelligence Unit, Mrs. Hafsat Bakari, who was in Paris for the meeting said; “Through the concerted efforts of all public and private sector stakeholders who are involved in Nigeria’s systems to ensure the integrity of the financial system, we have been able to complete almost half of the items that were included in the country’s Action Plan to exit the grey list.” 

She further reiterated “We are confident that with the sustained effort and the leadership of President Bola Ahmed Tinubu, GCFR, members of the Federal Executive Council and the Inter-Ministerial Committee on AML/CFT chaired by the Honourable Attorney-General of the Federation and the Honourable Ministers of Finance and Interior, Nigeria will complete all remaining actions before the deadline of May 2025”.

Mrs. Bakari extended her deepest appreciation and congratulations to all stakeholders and particularly the Commander in Chief, the Honourable Attorney-General of the Federation and the leaders of all the Agencies that have made huge strides to get Nigeria off the grey list and encouraged all stakeholders to sustain the efforts.

In other decisions at the Paris Plenary meeting, the FATF also updated its grey-list, following the successful completion of its Action Plan.

Senegal has now been delisted while Algeria, Angola, Cote D’Ivoire and Lebanon have now been added to the monitoring list.

The Financial Action Task Force is the global body established in 1995 to lead global action to combat money laundering, terrorist and proliferation financing. The FATF researches how money is laundered and terrorism is funded, promotes global standards to mitigate the risks, and assesses whether countries are taking effective action.

The grey list jurisdictions under increased monitoring includes countries who are actively working with the FATF to address significant deficiencies in their regimes to counter money laundering, terrorist financing and proliferation financing. When a jurisdiction is placed on the list, it is a recognition that the country has resolved to swiftly address the identified issues within an specified timeline and to subject itself to ongoing monitoring.

Olusola Akintonde