The Financial Action Task Force (FATF) has removed Nigeria from the global money-laundering watchlist, explaining that the country has demonstrated strong political will and inter-agency collaboration in combating financial crimes over the last two years under President Bola Tinubu, since the country was placed on the grey list.
Its president, Elisa de Anda Madrazo, announced this on Friday, October 24 at the FATF’s plenary in Paris, France, congratulating Nigeria for being removed from the grey list.
The global watchdog on money laundering and terrorist financing also announced the removal of Mozambique, Burkina Faso, and South Africa from the grey list.
“Nigeria has demonstrated strong political commitment to fight financial crimes. However, let me be clear: it is not only that we have seen a political commitment to exit the grey list… It is because we have seen the change and the political measures put in place.
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“In Nigeria, we have seen that political commitment that has translated to the change we have seen on the ground. After sustained efforts of just over two years, Nigeria has demonstrated a stronger capacity – this is fundamental – to investigate and prosecute. This is crucially helping Nigeria to focus resources to fight crimes that harm its community the most, such as drug trafficking and terrorist financing,” the FATF president said.
Nigeria was placed on the grey list in February 2023 over weak enforcement, poor inter-agency coordination, and opaque financial practices.
The removal had followed the country’s full implementation of a 19-point action plan aimed at strengthening its Anti-Money Laundering and Countering the Financing of Terrorism framework.
Pinnacle Daily had reported earlier that Nigeria and three other African countries were billed to exit the FATF grey list in October.
The FATF president commended Nigeria for implementing government-wide policy reforms, stronger inter-agency coordination and cooperation.
“We have seen an important enhancement in the transparency of the beneficial ownership structure. On the supervisory side, we have seen stronger supervision in the non-financial sectors, particularly in real estate agencies,” Madrazo said.
She stressed that the action plan and the political commitment led the plenary to agree that Nigeria has fully addressed the action plan and exited the grey list.
She urged Nigeria to continue its good work for the benefit of the Nigerian people.
The FATF president added that the presence of three Nigerian ministers at the week-long events demonstrated the country’s commitment to combating financial crimes and other illicit flows.
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The Nigeria Interministerial Committee on Anti-Money Laundering/Countering the Financing of Terrorism/Proliferation Financing (AML/CFT/PF) is chaired by the Attorney General of the Federation and Minister of Justice, Prince Lateef Fagbemi (SAN), with the Minister of Finance, Wale Edun, and Minister of Interior, Olubunmi Ojo, as alternate chairs.
According to Edun, who spoke at the FATF’s plenary, Nigeria was honoured to be allowed to contribute its expertise and experience to the global fight against serious crimes that threatened the shared security and prosperity of the world.
He said Nigeria was grateful to international partners, including the governments of France, Germany, the United Kingdom, and the United States of America, as well as the European Commission, for their steadfast support throughout the process.
“With the resolve and dedication of the men and women back home, we will continue to work towards a safer and more secure Nigeria,” Edun added.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
