Nigeria Nears Exit From FATF Grey List – NFIU
The Nigerian Financial Intelligence Unit (NFIU) has said that Nigeria is on course to exit the Financial Action Task Force (FATF) grey list, following the implementation of key reforms in its anti-money laundering and counter-terrorism financing systems.
This was disclosed in a statement signed by the NFIU Director, Hafsat Bakari, after the FATF plenary session held in Strasbourg, France.
Nigeria’s delegation to the meeting was led by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
The FATF grey list includes countries that are under increased monitoring for deficiencies in anti-money laundering and counter-terrorism financing frameworks.
Countries on the list are expected to address these gaps promptly to avoid negative economic and reputational implications.
According to the NFIU, the reforms were driven by the coordinated efforts of various arms of government.
These include the Office of the President, the ministries of finance, justice, and interior, as well as the National Security Adviser.
Bakari, who also serves as the secretariat lead for the Inter-Ministerial Committee on Anti-Money Laundering, said the implementation involved multiple agencies.
Among them are the Economic and Financial Crimes Commission (EFCC), the Central Bank of Nigeria (CBN), the Department of State Services (DSS), the Independent Corrupt Practices and Other Related Offences Commission (ICPC), the Nigeria Police Force (NPF), and the National Intelligence Agency (NIA).
Also included are the National Drug Law Enforcement Agency (NDLEA), the Nigeria Customs Service (NCS), the Nigerian Immigration Service (NIS), the Federal Inland Revenue Service (FIRS), and other regulatory and security institutions.
