Following Federal Government’s desperation to exit the Financial Action Task Force (FATF) grey list on money laundering and terrorism financing, Nigeria is expected to undergo the last hurdle assessment soon.
Nigeria is currently on the FATF grey list, a designation indicating increased monitoring of the country’s efforts to combat money laundering and terrorist financing.
This placement, which Nigeria shares with other countries, including South Africa, Burkina Faso, and Cameroon, signifies that FATF identified strategic deficiencies in Nigeria’s AntiMoney Laundering (AML) and Counter-Terrorist Financing (CTF) regimes.
Since the beginning of the year, Nigeria has been working to address these deficiencies and aimed to exit the grey list by the second quarter of 2025, according to the Federal Ministry of Finance.
According to the Nigerian Financial Intelligence Unit (NFIU), officials from FATF have finalised plans to carry out on-site assessment on Nigeria in few weeks time; the last hurdle in the series of exercises to give Nigeria a clean slate in her effort to rid the nation of money laundering and related frauds.
Nigeria was placed on the grey list on February on February 24, 2023. Nigeria had taken a significant leap towards strengthening its financial integrity as it intensifies efforts to exit the grey list by Q2’25, a move that will bolster investor confidence and unlock new economic opportunities.
The Honourable Minister of State for Finance, Dr. Doris Uzoka-Anite, stated this when she met with the relevant Ministries, Departments, and Agencies (MDAs) of the Federal Government to discuss the country’s efforts towards exiting the grey list.
She emphasized the government’s commitment to ensuring Nigeria’s removal from the grey list, saying “we are working tirelessly to address the remaining deficiencies in our AML/ CFT regime, and we are confident that our efforts will yield positive results.
She reiterated that the government had to this end, directed all relevant agencies to take immediate and decisive action to meet the FATF’s requirements.
According to her, “we recognize the importance of exiting the grey list, not only for our national interest but also for the global community’s confidence in our financial systems.
All hands must therefore be on deck to ensure the realization of these objectives,” She explained that Nigeria’s efforts to strengthen its AML/CFT regime were aimed at demonstrating the country’s dedication to upholding international standards.
“We are committed to implementing the necessary reforms to safeguard Nigeria’s financial integrity and foster global confidence in our economy,” she said. She assured that the government was committed to upholding the highest standards of transparency and cooperation in its efforts to exit the grey list, saying.
