The Nigerian Financial Intelligence Unit (NFIU) has announced Nigeria’s official removal from the Financial Action Task Force (FATF) grey list, a landmark achievement in combating money laundering and terrorist financing. CEO Hafsat Bakari revealed the news after the FATF October plenary in Paris, marking Nigeria’s successful completion of a comprehensive 19-point reform program.
This move signals the world’s confidence in Nigeria’s strengthened financial integrity and governance, as the government implemented key legislative reforms like the Money Laundering (Prevention and Prohibition) Act and the Terrorism (Prevention and Prohibition) Act of 2022. Enhanced collaboration among agencies, roll-out of the Beneficial Ownership Register, and intensified international cooperation also played crucial roles.
Finance Minister Mr. Wale Edun emphasized that exiting the grey list is just the beginning, laying the foundation for deeper reforms and economic growth. Attorney-General Lateef Fagbemi hailed Nigeria’s inclusion in FATF’s guest jurisdictions, enabling active input in global policy discussions.
This success is expected to boost investor confidence, ease cross-border transactions, and foster financial stability for Nigeria, joining a stride of regional countries also delisted recently.
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