The Financial Action Task Force (FATF) has officially approved Nigeria’s fifth progress report today, marking a key milestone in the country’s efforts to improve its anti-money laundering and counter-terrorist financing (AML/CFT) frameworks.
By Chimezie Godfrey
The Financial Action Task Force (FATF) has officially approved Nigeria’s fifth progress report today, marking a key milestone in the country’s efforts to improve its anti-money laundering and counter-terrorist financing (AML/CFT) frameworks.
This development comes almost a year after Nigeria was placed on FATF’s grey list in February 2023.
During the FATF Plenary, the body acknowledged Nigeria’s substantial progress in implementing the agreed Action Plan. The plan, created in partnership with FATF’s International Cooperation Review Group (ICRG), addresses the deficiencies highlighted in the 2021 AML/CFT Mutual Evaluation Report.
The FATF commended Nigeria for its continued high-level political commitment to reform, as well as the collective efforts of various stakeholders coordinated by the Nigerian Financial Intelligence Unit (NFIU). These efforts have significantly improved the country’s AML/CFT regime, positioning Nigeria to successfully complete the Action Plan ahead of the May 2025 deadline and possibly exit the FATF’s grey list by the end of 2025.
“Today’s approval of Nigeria’s progress report underscores the nation’s dedication to combating financial crimes and enhancing its international standing,” said Ms. Hafsat Abubakar Bakari, Director and CEO of the NFIU. She led Nigeria’s delegation to the FATF meeting and also made a notable presentation at a side-event titled “Women in the FATF Global Network.”
In other FATF decisions, the Philippines was removed from the grey list, while the Lao People’s Democratic Republic and Nepal were added.
This move highlights a growing commitment among nations to strengthen financial systems and combat illicit activities on a global scale.
The NFIU continues to work diligently toward enhancing Nigeria’s AML/CFT measures, with expectations that further progress will be made in the months ahead.
