NIGERIA has officially been removed from the Financial Action Task Force (FATF) grey list.
Grey list is a register of countries under increased monitoring for weak controls against money laundering and terrorist financing.
The FATF, the world’s foremost body for combating money laundering and terrorist financing, announced the decision at its October plenary session in Paris, France, after reviewing Nigeria’s progress in implementing key reforms.
Nigeria had been placed under increased monitoring in February 2023 due to strategic deficiencies in its anti-money laundering and counter-terrorist financing systems.
However, following more than two years of reforms and collaboration between key institutions, the country successfully completed its FATF Action Plan, which consequently prompted its removal from the list.
Reacting to the news, the Nigerian Financial Intelligence Unit (NFIU), in a statement, on Friday, October 24, described the delisting as a significant moment in Nigeria’s fight against serious financial crimes.
The agency noted that it reflects the country’s renewed commitment to transparency, accountability, and integrity in financial governance.
According to the NFIU, Nigeria successfully implemented a 19-point Action Plan in collaboration with the FATF and its regional partner, the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA).
They noted key reforms to include Enforcement of the Money Laundering (Prevention and Prohibition) Act, 2022 and the Terrorism (Prevention and Prohibition) Act, 2022; Operationalisation of the Beneficial Ownership Register to improve corporate transparency; Strengthened intelligence-sharing and law enforcement coordination; and Improved supervision of financial and non-financial businesses to prevent abuse of the financial system.
Tinubu welcomes FATF decision
Meanwhile, President Bola Tinubu in a statement through his media aide, Bayo Onanuga, welcomed the development, describing it as “a major milestone in Nigeria’s journey toward economic reform, institutional integrity, and global credibility.”
He said the decision showed Nigeria’s determination to meet international standards and build a transparent financial system.
“This was achieved through the coordination of the Nigerian Financial Intelligence Unit (NFIU), working in conjunction with the Attorney-General of the Federation and Minister of Justice, the Minister of Finance, and the Coordinating Minister of the Economy and the Minister of Interior.
“President Tinubu applauded the vital support from the Secretary to the Government of the Federation, the Minister of Aviation, the Minister for Budget and Economic Planning, the Minister for Defence, the Minister for Foreign Affairs, the Minister for Solid Minerals, the Minister of State for Finance, the National Security Adviser as well as the leadership of the National Assembly and the Judiciary, in the attainment of the laudable achievement,” the statement read.
Mustapha Usman is an investigative journalist with the International Centre for Investigative Reporting. You can easily reach him via: musman@icirnigeria.com. He tweets @UsmanMustapha_M