Nigeria has intensified its efforts to exit the Financial Action Task Force (FATF) grey list by sending an inter-agency team to meet with the FATF’s International Cooperation Review Group in Brussels, Belgium.
The delegation, led by Chief Executive Officer of the Nigerian Financial Intelligence Unit (NFIU), Hafsat Abubakar Bakari, presented Nigeria’s fourth triannual progress report since the country was placed on the grey list in February 2023.
A statement by the NFIU spokesperson, Sani Tukur, said the team comprised representatives from key agencies, including 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, Nigeria Customs Service, Nigeria Export Processing Zones Authority, Special Control Unit Against Money Laundering, and Securities and Exchange Commission.
It revealed that “the meeting underscored Nigeria’s ongoing progress in implementing its Action Plan, with approximately 30% of the required measures already completed. The country remains on track to meet the final deadline of May 2025 for full compliance.
“Additionally, the Presidency has recently reaffirmed its commitment to completing the Action Plan, emphasizing the administration’s dedication to enacting all necessary measures to facilitate Nigeria’s exit from the grey list.”
On February 24, 2023, Nigeria was placed on the FATF Grey List due to a rise in capital inflows and deficiencies in combating money laundering, terrorism, and arms financing.
