The Financial Action Task Force (FATF) has approved Nigeria’s fifth progress report since the country was placed under jurisdictional monitoring in February 2023.
During its Plenary session in Paris, France, FATF acknowledged Nigeria’s progress in implementing the Action Plan jointly agreed upon with the organization’s International Cooperation Review Group (ICRG). The plan aims to address deficiencies identified in the 2021 Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) Mutual Evaluation Report.
The second FATF Plenary under President @ElisadeAnda has now concluded.
Read about the outcomes of the Plenary, including updates to the list of jurisdictions under increased monitoring, on our website: https://t.co/1TbFdiJbvy pic.twitter.com/r8mkf3lJs1
— FATF (@FATFNews) February 21, 2025
The approval marks a significant step in Nigeria’s efforts to strengthen financial transparency and enhance global compliance standards.
The Plenary also recognised the continued high-level political commitment of Nigeria to the ongoing reforms and the measures taken by all stakeholders, coordinated by the Nigerian Financial Intelligence Unit (NFIU), to improve the effectiveness of the country’s AML/CFT regime.
The sustained progress demonstrates that Nigeria is well placed to complete the Action Plan before the deadline of May 2025 and to exit the FATF’s grey list before the end of the year.
Read Also: Nigeria To Exit FATF Grey List in 2025
In other decisions taken during the Plenary, the FATF also approved the removal of the Philippines from the grey list while adding the Lao People’s Democratic Republic and Nepal to the list.
The Director/Chief Executive Officer of the NFIU, Ms Hafsat Abubakar Bakari, led Nigeria’s delegation to the FATF meetings and also delivered a well-received presentation during the side event on “Women in the FATF Global Network.”
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