Nigeria is taking significant steps toward being removed from the Financial Action Task Force (FATF) grey list. A high-level inter-agency delegation from the country presented a progress report to the FATF’s International Cooperation Review Group during a meeting held in Brussels, Belgium, on Tuesday, September 3, 2024.
The Nigerian delegation, led by the Chief Executive Officer of the Nigerian Financial Intelligence Unit (NFIU), Hafsat Abubakar Bakari, engaged in discussions with FATF officials to review the country’s progress in addressing the issues that led to its inclusion on the grey list in February 2023.
Key agencies represented in the Nigerian team included the Central Bank of Nigeria, Department of State Services, Economic and Financial Crimes Commission, Federal Ministry of Justice, Independent Corrupt Practices Commission, National Insurance Commission, and the Nigeria Customs Service.
Other organizations part of the delegation were the Nigeria Export Processing Zones Authority, Special Control Unit Against Money Laundering, and the Securities and Exchange Commission. The team submitted Nigeria’s fourth triannual progress report, outlining measures taken to strengthen the country’s anti-money laundering and counter-terrorism financing (AML/CFT) framework.
Nigeria’s placement on the grey list in early 2023 spurred the government into action, developing a comprehensive plan to address identified gaps in its AML/CFT regime. The progress report showcased the country’s continued efforts, with approximately 30% of the action items already completed.
In a statement, the NFIU emphasized that Nigeria remains on track to meet its May 2025 deadline to fully implement the Action Plan. The presidency has also reaffirmed its commitment at the highest level to ensure all necessary measures are in place for the successful completion of the Action Plan.
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