Nigeria has taken significant steps to address deficiencies in its Anti-Money Laundering and Countering the Financing of Terrorism and Proliferation (AML/CFT) framework by sending a high-level delegation to the Financial Action Task Force’s (FATF) International Cooperation Review Group (ICRG) meeting in Brussels, Belgium.
The delegation was led by Hafsat Abubakar Bakari, Chief Executive Officer of the Nigerian Financial Intelligence Unit (NFIU), and included representatives from key government agencies such as the Central Bank of Nigeria, Department of State Services, Economic and Financial Crimes Commission, and others.
Their primary goal was to present Nigeria’s fourth progress report and demonstrate the country’s efforts to meet FATF’s requirements.
Nigeria was placed on the FATF Grey List in February 2023 due to rising capital inflows and inadequate measures to combat money laundering, terrorism financing, and the illegal arms trade.
Since then, the country has been working to implement the FATF Action Plan, with roughly 30 percent of the necessary reforms already completed.
During the meeting, the Nigerian team outlined the progress made in addressing FATF’s concerns and reiterated the government’s commitment to fulfilling the remaining obligations.
The ultimate objective is to exit the grey list by the final deadline of May 2025.
President Bola Tinubu’s Chief of Staff, Femi Gbajabiamila, also expressed the government’s resolve to ensure timely completion of the Action Plan.
He emphasized the importance of staying focused on the goal, noting that being on the Grey List already negatively impacts the country’s image.
With nine months remaining until the deadline, Nigerian authorities are intensifying their efforts to meet all of FATF’s conditions and restore confidence in the country’s financial system.
