Strategic reforms of the national Anti-Money Laundering, Counter-Financing of Terrorism and Counter-Proliferation Financing (AML/CFT/CPF) framework implementation by Nigeria would soon led to the country’s exit from the Financial Action Task Force (FATF) grey list.
This was disclosed by the Chief Executive Officer, Nigerian Financial Intelligence Unit, Hafsat Abubakar Bakari who said that Nigeria has made a remarkable progress and has completed all action items on the action plan within the timeline, which is one of the biggest achievements under FATF.
“This is due to results achieved as part to be applauded as the Secretariat of the Inter-Ministerial Committee on AML/CFT/CPF, the Nigerian Financial Intelligence Unit took the initiative to bring together all stakeholders to develop a road map to address the deficiencies identified in the country’s 2021 mutual evaluation report She explained that the achievement was “significant as relatively few listed jurisdictions have been able to achieve this feat”.
“This owe a great deal to clear focus and leadership of His Excellency, President Bola Ahmed Tinubu GCFR who provided an enabling environment for the reform processes.
His Excellency’s dynamic leadership and the support of the members of the Federal Executive Council and the National Assembly has been a critical success factor” She further commended all stakeholders, ministries Department and Agencies of government who demonstrated the efficacy and effectiveness of Nigeria’s legal systems in order to combat financial crimes, gave it the strategic direction which led to the successful implementation of the Action.
She hinted that the FAFT team will be in Nigeria in the coming week for assessment.
“While progress has been made, there are still a few major steps on the journey to exit the grey list.’
A key milestone is the onsite assessment which will be conducted by the FATF in the next few weeks.
This assessment is an opportunity for Nigeria to demonstrate its commitment at the highest political levels to sustaining the reform programme.
It is also an opportunity to demonstrate the impressive results and outcomes that are being achieved by the public and private sectors to prevent,detect and disrupt serious crimes.
She maintained that the NFIU remains committed to supporting and working with all stakeholders in the national effort to strengthen our collective defences against money laundering, terrorist financing and other serious crimes.
Victoria Ibanga