Nigeria making progress in money laundering, terrorism financing fight –  FATF

Nigeria making progress in money laundering, terrorism financing fight –  FATF

According to the Nigerian Financial Intelligence Unit (NFIU), Nigeria will exit the Financial Action Task Force (FATF) grey list by early 2025.

The FATF acknowledged Nigeria’s progress during its June 2024 Plenary meeting in Singapore. Nigeria’s efforts to address anti-money laundering and counter-terrorism financing deficiencies have been recognized.

The Nigerian delegation at the Plenary included the EFCC Executive Chairman, the SCUML Director, and the NFIU CEO’s Chief of Staff.

A statement by Sani Tukur, Head of Strategic Communications at NFIU, confirmed Nigeria’s advancement and commitment to the Action Plan.

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It noted, “The Plenary approved two more upgrades. Nigeria has completed 30% of the Action Plan and is on track to exit the grey list by early 2025.”

Hafsat Abubakar Bakari reaffirmed Nigeria’s dedication to fully implementing the Action Plan and updated the Plenary on GIABA’s progress in strengthening its technical capacity.

Nigeria was placed on the grey list in February 2023. Exiting the list is expected to enhance Nigeria’s international reputation and attract foreign investment.

Nigeria making progress in money laundering, terrorism financing fight –  FATF