Nigeria is set to exit the Financial Action Task Force (FATF) grey list by late 2025, according to the Chief Executive Officer of the Nigerian Financial Intelligence Unit (NFIU), Ms. Hafsat Bakari. This marks a significant milestone in the country’s efforts to enhance financial transparency and combat money laundering and terrorist financing.
The FATF, established in 1995, sets global standards to prevent illicit financial activities. Ms. Bakari stated that Nigeria’s removal from the grey list—designating jurisdictions under increased monitoring—will affirm the country’s commitment to international financial compliance.
Bakari highlighted that the FATF’s approval of Nigeria’s fifth progress report reflects sustained anti-money laundering and counter-terrorist financing (AML/CFT) reforms. She credited collaborative efforts among Nigerian stakeholders for advancing financial intelligence measures and aligning with FATF recommendations.
During a recent plenary session, the FATF acknowledged Nigeria’s progress, approving its fifth progress report since being placed on the grey list in February 2023. The body commended Nigeria’s high-level political commitment and continued execution of an agreed action plan with the FATF’s International Cooperation Review Group (ICRG).
A statement from NFIU’s strategic communications officer, Sani Tukur, confirmed that Nigeria is on track to meet FATF’s action plan requirements before the May 2025 deadline, potentially securing its exit before the end of the year.
In the same session, the FATF removed the Philippines from its grey list, while the Lao People’s Democratic Republic and Nepal were newly added.
Financial analysts have praised Nigeria’s progress, citing potential benefits such as increased investor confidence and improved access to international financial markets. Economic policy expert Dr. Michael Adesina noted that Nigeria’s removal from the list would enhance trade, facilitate cross-border transactions, and attract foreign direct investment.
Legal and compliance expert Mrs. Funmi Olawale emphasized the need for long-term institutional reforms beyond FATF compliance, advocating for stronger financial intelligence mechanisms and sustained inter-agency collaboration to maintain global confidence in Nigeria’s financial system.
Source: Swifteradio.com
