Global watchdog on money laundering and terrorism financing certifies Nigeria’s progress near exiting FATF grey-list

Nigeria has recorded significant progress in meeting international standards against money laundering and terrorism financing, according to the Financial Action Task Force (FATF).

The global watchdog approved Nigeria’s fifth progress report during its plenary meeting held in Paris, France on Friday.

In a statement from the Strategic Communications Office of the Nigerian Financial Intelligence Unit (NFIU), the FATF acknowledged Nigeria’s efforts in implementing the Action Plan agreed upon with its International Cooperation Review Group (ICRG). The plan aims to address weaknesses identified in Nigeria’s 2021 Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) Mutual Evaluation Report.

The plenary also praised Nigeria’s continued high-level political commitment to improving its financial system. It noted the coordinated efforts of various stakeholders, led by the NFIU, to strengthen the effectiveness of the country’s AML/CFT measures.

The FATF stated that Nigeria is on track to complete its Action Plan before the May 2025 deadline. The organization expressed confidence that Nigeria could exit the grey-list before the end of this year if the current pace of progress is maintained.

In other decisions made during the plenary, the FATF removed the Philippines from the grey list, acknowledging its successful reforms. However, it added the Lao People’s Democratic Republic and Nepal to the list due to identified deficiencies in their AML/CFT systems.

Nigeria’s delegation to the FATF meeting was led by the Director and Chief Executive Officer of the NFIU, Ms. Hafsat Abubakar Bakari.

During the event, Ms. Bakari participated in a side session focused on the role of women within the FATF Global Network, noting their contributions to strengthening financial security worldwide.