Nigeria has received commendations for its substantial progress in addressing deficiencies in its Anti-Money Laundering, Countering the Financing of Terrorism, and Counter-Proliferation Financing (AML/CFT/CPF) framework.

The accolades came during the latest Financial Action Task Force (FATF) Plenary, where the country was recognized for significant strides in implementing its Action Plan.

This was disclosed in a statement issued on Saturday by the Nigerian Financial Intelligence Unit (NFIU), the national coordinator for the FATF International Cooperation Review Group (ICRG).

According to the NFIU, the development paves the way for an on-site assessment by the FATF Africa Joint Group to verify that Nigeria’s reforms are effectively implemented, politically supported, and sustainable in the long term.

“We particularly commend the leadership of President Bola Ahmed Tinubu, members of the Federal Executive Council—particularly the Honourable Attorney-General of the Federation and Minister of Justice, the Minister of Finance and Coordinating Minister of the Economy, the Minister of the Interior—and other political authorities for ensuring the rapid implementation of the Action Plan,” the statement read.

The NFIU also acknowledged the contributions of the judiciary, law enforcement agencies, regulatory bodies, and private sector actors, noting that their collective efforts have strengthened Nigeria’s capacity to investigate and prosecute complex money laundering and terrorism financing offenses.

Highlighting areas of progress, the statement cited advancements in conducting and updating national risk assessments, improving beneficial ownership transparency, and implementing risk-based supervision across financial and non-financial sectors.

“This progress reinforces Nigeria’s resolve not only to exit the FATF grey list but also to build a resilient AML/CFT system that enhances the integrity of its financial system and economy. As we move towards the crucial on-site visit phase, all stakeholders are urged to maintain momentum and ensure that reforms remain deeply embedded and effective,” the NFIU added.